Concerns over repossession rents
Five interest rate rises in a year have seen repossessions increase. Some householders facing repossession are ending up homeless after selling their homes to property companies, a BBC investigation has found. The firms, which lease the properties back to the ex-owners, are said to be imposing large rent rises. Others complain that they have received less than the market value for their former properties. Consumer advice groups and housing charities said they were concerned about the lack of regulation.
Only option
A Citizens Advice Bureau official said one elderly man had sold his home under such a deal for £40,000, even though it was valued at £165,000. There was just no other way out if I wanted to keep the house Victoria Taylor A nation (re)possessed? The investigation for the Five Live Report found that such deals are on the increase at a time when increase rates have risen five times in the past year and the number of repossessions has gone up by 30%. Victoria Taylor lived in her home in Wolverhampton for 26 years, but was unable to meet the mortgage repayments after her partner left her.
On Five Live Sunday Breakfast she said selling and then paying rent to live in her house seemed like the only option. She said: "Had there been another way out I wouldn't have done it, but there was just no other way out if I wanted to keep the house."
If you are considering selling and renting back your home and are concerned about this BBC report, then make sure that you obtain references from any company that you approach. All reputable sell and rent back companies will be only too happy to provide details of satisifed tenants who have sold their homes to rent back.
We also offer a buy back option for you to buy back your home at a discount in the future and we can guarantee rents for up to 2 years.
Alternatively, sell and rent back may not be the best option for you and we try to give clear advice on what your options are before you consider sell and rent back.
For more information and contact details visit our website at
www.cashformyhouse.co.uk
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