A local property buyering firm Macclesfield Property Buyers have recently reported a 20% rise in the number of distressed property sales over the summer months of June and July. Many of which have been repossession cases whereby the lender is threatening repossession due to mortgage arrears.
John Edwards from the firm says that usually the summer months are quite, however we've certainly seen an increase over this summer. We are also finding that many people in distress simply do not have the equity within their property for us to be able to help them. Many of the homeowners who contact us are in negative equity.
DOMAIN NAME FOR SALE
Sell and rent back solutions given to those who require ongoing live in care at home
Live in care for the elderly and younger adults is a growing options for those who wish to continue receiving care while at home. Home care means that the service user can continue to live at home while recieve the neccessary homecare they require to remain healthly, active and independant.
Sale and rent backs are becoming a popular way of funding this type of care as equity and cash can be released to pay for ongoing care, and then the client can continue to live in their home while recieving the care their require.
Sale and rent backs are becoming a popular way of funding this type of care as equity and cash can be released to pay for ongoing care, and then the client can continue to live in their home while recieving the care their require.
Sell and rent back regulated by the FSA
Investors who were used to buying distressed property from vendors at below market value and then rent it back to them as tenants can no longer do this as the sell and rent back sector is under the regulation of the FSA - financial services authority.
This means investors can only provide a 'quick sell' solution to homeowners and have to refer their sale and rent back enquiries to a suitable authorised firm in return for a commission.
There are only a handful of FSA authorised companies that are approved for sell and rent back schemes in the whole of the UK which means there is little competion within the market as it stands. Sell and rent backs are a good solution for homeowners who have enough equity within their property to be able to afford the often low offers of approx 65% below market value. If you need to stop repossession of your home or are struggling to meet mortgage payments then schemes like this may be the answer.
Sale and rent back firms are now under the rules of the FSA obliged to give alernatives to sale and rent back so that the client or homeowner so that they receive impartial advice and help.
Homeowners are advised to look into reducing their current mortgage repayments and perhaps changing their mortgage to a more favorable rate to make it more afforable over the long term. A mortgage calculator can be used to check what savings can be used and to calculate the likely monthly repayments. A solution may be in the short term to switch the mortgage to an interest only loan to reduce the monthly payments to a more affordable level.
This means investors can only provide a 'quick sell' solution to homeowners and have to refer their sale and rent back enquiries to a suitable authorised firm in return for a commission.
There are only a handful of FSA authorised companies that are approved for sell and rent back schemes in the whole of the UK which means there is little competion within the market as it stands. Sell and rent backs are a good solution for homeowners who have enough equity within their property to be able to afford the often low offers of approx 65% below market value. If you need to stop repossession of your home or are struggling to meet mortgage payments then schemes like this may be the answer.
Sale and rent back firms are now under the rules of the FSA obliged to give alernatives to sale and rent back so that the client or homeowner so that they receive impartial advice and help.
Homeowners are advised to look into reducing their current mortgage repayments and perhaps changing their mortgage to a more favorable rate to make it more afforable over the long term. A mortgage calculator can be used to check what savings can be used and to calculate the likely monthly repayments. A solution may be in the short term to switch the mortgage to an interest only loan to reduce the monthly payments to a more affordable level.
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