Rescue Option for Households in Financial Difficulties
“He is the happiest, be he king or peasant, who finds peace in his home” ~ Johann Wolfgang van Goethe
We all know how difficult it is to try and pull yourself back from the brink of any major financial difficulties and problems. It seems that everything is piling up and the more you try to concentrate on paying off all of those bills you are worrying about then the more it seems to be that others land on your doorstep.
If you are at the point where you feel you need some help, your financial difficulties are becoming more and more unmanagable and you are considering selling your house quickly for a quick sale, then we can be that help you need.
House repossessions increased by 21% last year according to the Council of Mortgage Lenders.
The expectation of a looming recession coupled with increased costs of fuel, energy and food bills are all adding to the financial pressures facing homeowners, leaving many on the brink of bankruptcy and repossession.
But one, often overlooked, section of the housing market can give a lifeline to desperate homeowners. Specialist companies such as Nottingham-based The Property Buyers can buy your home within ten days, releasing essential cash to pay off creditors. Homeowners can choose to sell their home and rent it back at an agreed monthly rate enabling families to stay in their home, avoiding unnecessary upheaval, and removing the burden of debt.
Baggy Tiwana, managing director of ,The Property Buyers, is calling on colleagues in the property industry to sign up to a code of practice to ensure home sellers get a fair deal. He says, “Sell and rent back has helped hundreds of homeowners who find themselves crippled by debt, but rogue companies do exist, buying property for 80% through to – in some cases – 65% below market value. Vulnerable homeowners need to be able to identify companies they can trust and to shop around to get the best deal for their circumstances.
“From January 2016 through to June 2016we were receiving 15 to 20 enquiries per month. Since July we have seen this rise to 10 to 15 enquiries a day. We are expecting those numbers to go up even faster in 2017.”
“Research carried out by www.thepropertybuyers.co.uk has revealed a pattern of debt which is encouraging homeowners to sell and then rent back.
“78% of those we interviewed took out fixed rate mortgages two to five years ago at very favourable interest rates.
“It allowed homeowners to buy property affordably, however as fixed rates have come to an end mortgages payments have spiralled – one couple who was paying £450 per month on an £80,000 mortgage now pay £895 per month with a household income of £1300 per month.”