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Repossession
is looming for more UK households
Can
sell and rent back really be the answer ?
An answer to the reported looming
repossession
nightmare facing thousands of UK homeowners could be on their
doorstep – quite literally.
The very cause of so many people’s problems is also their
remedy in the form of
sell
and rent back, Switch Property Services one of the
country’s leading property investment companies has claimed.
The
equity which can be released if you
sell
your house for cash
can be the answer to problems such as the
threat of
repossession,
spiraling personal debts, job loss or illness. And by
utilising the benefits of the sell and rent back option,
people don’t even have to move home.
Switch
Nationwide Property Services offer homeowners three options:
- sell
outright, whereby the homeowner sells the property, takes
the cash and moves on
- sell
and rent back,
whereby the homeowner sells the property, clears any debts
or uses the cash as they wish and then agrees to rent the
property back from Switch at a fair market rate. This
allows them and their family to remain in the family house
so avoiding the trauma of
repossession
- sell
and buy back, whereby the homeowner sells the property,
clears any debts or uses the cash for any purpose they,
with an agreement to buy back the property within a given
period should their financial situation change in the
future.
Switch
Managing Director, Brad Martin, said:
“There are many reasons why someone needs to
sell
their house for cash, but whatever the reason, a
conventional house sale through an estate agent is highly
unlikely to result in the necessary quick sale.
“At
Switch, our team of professionals is dedicated to ensuring a
swift yet thorough house sale. We will make an offer on any
house in any condition and that offer is guaranteed for 30
days. This means the homeowner has time to consider their
options. We never rush the homeowner. It is normally the
homeowner who indicates the speed at which we move the sale
through.
Cash
can be in the homeowner’s account within a couple of days
and
repossession
proceedings can be stopped - even on the same day. The sheer
speed at which our team is able to work amazes and delights
our clients in equal measure.”
Many
of the problems which have been surfacing these past few
months are being caused by fixed-rate mortgages coming to the
end of their term. It is not unusual for the monthly repayment
to suddenly double overnight when the fixed term ends. This is
placing many homeowners in an almost impossible financial
situation and increasing the spectre of
repossession.
The
vast majority of people have a good level of equity in their
home. Using this equity is a perfectly sensible way of
removing short-term financial difficulties and, with
Switch’s sell and
rent back option, a family doesn’t even have to leave
the family home. |
