Mortgage to rent in Wales?
Mortgage to rent schemes go by various names. You may have also seen
referred to as "buy and rent back schemes" or "sell and lease back"
or more typically, "sell and rent back schemes". The basic premise is that you
sell your home to a third party and you continue living in your home
while paying rent rather than a mortgage.
Whether moving from a mortgage to rent solution
will be beneficial for you really depends on your situation, what you're
trying to achieve and finding the right sell and rent back provider in
Wales. There's a large number of providers to choose from.
We do understand that one of the
problems you face when you start considering the mortgage to rent in Wales
option is the general lack of information available. So where do you
You'll find quite a bit of information
on our site. You can read more information about
moving from mortgage to rent in Wales or you can start at the
to have a general browse.
Providers of mortgage to rent
in Wales services
At the current time there is no
national Government mortgage to rent scheme or mortgage rescue scheme
The mortgage to rent in Wales option is
provided by specialist Welsh sell and rent back companies or
national companies. Before contacting any companies Shelter Cymru recommends you:
- take independent advice about your
options. Shelter or CAB are both good places to start (see our Directory
- check if your local council provides
a mortgage to rent option or can suggest a social landlord. There are
likely to be qualifying terms and conditions for any available schemes
- if deciding to contact individual companies get everything in writing up front
including copies of the lease, and details of current and future rents,
how long you can stay in the property and what your rights will be once
the sale goes through.
Mortgage to rent in Wales -
When speaking to homeowners about the
mortgage to rent / sell and rent back option it's clear to us that
three issues come up time and time again.
Your three areas of most concern? Price, rent and the length of time you can remain in your
Getting a sensible price for your
You need to bear in mind that we're
gauging property prices in Wales against a weakening market where broadly
speaking prices are falling. Mortgage to rent in Wales companies can only
make money in three ways - when they buy, through rental income or when
We'll want to be certain you have an
affordable rent. It's by not paying full market value for your property we
can secure your home long term. You see the purchase price and the rent you pay are always related to some
extent. The more we pay for your property the higher our costs.
Being offered an affordable rent
We typically work back from what you tell us is your
"affordable" rent. Mortgage to rent in Wales solutions only
benefit you if they leave you either better off financially than you
were before or solve some awkward problem. Either way, the arrangement
has to be affordable for you.
What this means is that you set the rent.
If your expectations are out of line..we'll soon let you know. However, where possible, we like to give you a number of options to
consider based on the principle the more we pay for your property..the
higher the rent.
Remaining in your home
We have no hard and fast rules about
the length of time we'll keep a property. It all depends on you. We
generally prefer you to stay at least two years. Yes, we want
you to stay long term. Our business thrives if you do.
But we don't
just say the things you want to hear. We do them too. Our Welsh director
David, based in Cardiff, will give you the automatic right to
re-new your lease as long as both parties (you, us) keep up our obligations
under the lease. Or if preferred, we can provide you with consecutive leases.
Our approach to helping you
Our starting it point is always you...
What your plans are and what you're trying to achieve.
That's because we provide mortgage
to rent in Wales solutions to help people overcome whatever awkward situation they find
Naturally you'll have lots of
questions. The more you think about the mortgage to rent option
in Wales the
more questions you'll have. We think that's a good thing.
We're here to answer all your questions.
But is it right for you? We specialise
in long term sell and rent back arrangements in Wales. This means we could be
together for years. So if a sell and rent back solution isn't right for
your circumstances we'll be the first people to tell you. You can find
out more by calling us on
0800 043 0669 for an initial chat about your
plans or completing the form below.