|
For property owners who want to become tenants and ditch the burdens of a mortgage then services to sell and rent back a property could be the answer. This works by finding a buyer for your property who will then rent it back to you, ideally at a rent which is lower than your mortgage, and if you find the right buyer, then someone who will provide a fixed rent guarantee. This type of service can be a lifeline for those faced with repossession and eviction, in these situations the only alternative is to find somewhere to rent privately, but having been evicted or repossessed it doesn't help with the credit rating and this could affect acceptance with a new private landlord. However a word or warning also, home ownership is something many people aspire to achieve, something that is valued immensely. when you sell your home to rent in back you are no longer the owner, you become the tenant. It is vital that you chose a quality company. Beware of the 'too good to be true' offers where the new landlord buys the property from you and then evicts you months later.
|