Sale & Rent Back

How Sale & Rent Back Can Help

Sale and rent back schemes generally involve your lender, or sale and rent back company, buying your house for less than its market value: typically they will pay between seventy and eighty percent of its value. You will then pay rent, depending on the market rate. The money raised from the sale is usually then used to repay the outstanding mortgage debt, and if applicable, any further debts, such as credit cards and personal loans.

Sometimes, the option of becoming a tenant as opposed to a home owner with no mortgage arrears paying an affordable rent without having to move can be appealing. Due to the speed and confidentiality it is possible to complete a sale and rent back without your friends, neighbours or family even knowing that you have sold your home.

Ensure you consider all your options before you commit to a sale and rent back scheme. If you are considering a sale and rent back scheme to you to pay off debts you would be well advised to seek advice and guidance from a debt counsellor if this is the only solution available to you to overcome your debt issues.