The credit crunch is hitting hard on first time buyers who are turning to rent back schemes to stay in their hard-won homes.
It's a galling scenario – you've spent years trying to get on the property ladder, and then you are hit mercilessly by the credit crunch. Denial won't help – if you're finances are facing a real beating, your home can quickly turn from an investment and an asset to something that threatens to ruin your financial health. A rent back scheme offers the opportunity for homeowners to sell their home fast, opt out of expensive mortgage packages and rent back their homes so they don't have to move.
Rent back schemes – A first time buyer's lifeline
First time buyers are more vulnerable to financial difficulties. Inflated property prices mean many over borrowed to get their toes on the first rung, but it's a difficult balancing act. As the credit crunch impacts on mortgage repayments as fixed rates end and more expensive variable rates kick in, first time buyers may have no alternative but to rent back. As well as the increased cost of mortgages, being in debt has never been so expensive. Credit card companies are tightening their lending criteria, and in some cases, there will be no alternative but to sell their homes fast and rent back, or face escalating debt. Such a scenario without any financial relief puts first time buyers at risk of repossession.
Rent back, sell fast – Take financial control
House prices are dropping, mortgage lenders are getting pickier about who they will lend to, and money is tight. There are fewer buyers around, and if you have fallen into arrears, a quick house sale, rent back scheme offers a speedy solution. According to leading housing market research company Hometrack, as UK house prices fall, the time it takes to sell a house has reached a seven year high. The fact is some of us simply can't afford to wait. A rent back scheme has the allure of allowing you to sell your house fast, without the hassle of moving.
Rent back schemes for first time buyers
As one in eight credit card holders have their limit cut, it spells bad news for those who rely on credit such as credit cards, loans and their overdraft to meet basic every day payments – such as mortgage repayments and utility bills. If you're one of the thousands of first time buyers who overstretched their borrowing to afford to get on the ladder, and are now facing mountains of debt and no way to climb out, you don't have to lose your home if you opt for a sell fast, rent back scheme.
Rent Back with rentbackltd.co.uk
If you're caught in a financial house-trap, rentbackltd.co.uk can throw you a life-line. Rentbackltd.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 rent and sale scheme is an alternative to selling up and moving, allowing you to stay put and find financial solutions. Rentbackltd.co.uk will buy your home and allow you to continue living in it as a tenant. Find out more, call Rent Back Ltd. today on: 08000 255 027