As 1.28 million homes in America feel the shadow of the bailiffs, UK homeowners worried they’ll be next are turning to the sell and rent back market.
In an article headed ‘The Grim Repo' the Guardian newspaper reports that over a million homes in American are at risk of repossession or as it's termed in the States, foreclosure. And some financial experts believe that where America leads, the UK are not far behind. The increase in interest in the sell and rent back market suggests UK homeowners are certainly feeling the pinch.
Sell and rent back market boom
In America, 2.2 million repossession documents were filed on 1.28 million properties in 2007, according to the Guardian. And in the UK, the Financial Services Authority has issued warnings that over a million British homeowners are facing financial risks. The sell and rent back market is set to experience a massive surge in interest as the repossession fears hit home.
Repossession fears trigger sell and rent back schemes
The misery of repossession is something widely acknowledged. Not only is there the burden of having to find somewhere else to live – something that can feel impossible if you have a poor credit background and no one will give you a mortgage – but there's the emotional turmoil repossession can have on your family. A sell and rent back scheme is one way of keeping your family in their home and stopping repossession in its tracks.
Sell and rent back stepping stone
The sub prime market in the US collapsed after customers of lenders found themselves unable to keep up with payments on high-risk mortgages – or mortgages taken out with a bad credit record. But the UK is no stranger to offering irresponsibly high mortgages and loans to those on low incomes. In fact, even those on higher incomes could be looking for a sell and rent back scheme as banks were happy at one point to offer mortgages at up to five times a person's salary. It's no wonder then that with a harsh external economy and a small bit of personal bad luck, anybody could find themselves falling into mortgage arrears. A sell and rent back scheme could offer a stepping stone until things improve.
Sell and rent back with sellandrentbackltd.co.uk
If you're caught in a financial house-trap, sellandrentbackltd.co.uk can throw you a life-line. Sellandrentbackltd.co.uk offers a sell and rent back scheme for those who like living where they are and want to maintain stability but are facing mortgage arrears, repossession, bankruptcy and debt or concerned financial meltdown is looming. The sell and rent back scheme is an alternative to selling up and moving, allowing you to stay put and find financial solutions. Sellandrentbackltd.co.uk will buy your home and allow you to continue living in it as a tenant. Find out more, call Sell and Rent Back Ltd. today on: 08000 255 870.