UK Sell And Rent Back Property Agreement
Make sure that you do your research into all of your available options before deciding upon a debt consolidation loan. banks will usually offer a payment plan to those in financial troubles. This will freeze the debt but severely hamper the debtors credit rating. The debtor will also be prohibited from taking out any further credit from any source.
Sell and rent back property is also an option. Although there is likely to be a noteworthy discount on the property’s true market value, there is the luxury of being able to remain in your own house while sorting out your finances. There will usually be a buy back option available in the agreement, which allows you to purchase your house at the rate of the new mortgage. The real advantage of sell and rent back property is that it negates the usual peripheral problems of raising capital via a home sale. As their is the option to stay on as a tenant, there will be no need to look for a new house, change schools for any children or even search for a new job.