Mortgage to rent in Wales? Mortgage to rent schemes go by various names. You may have also seen them 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 start? 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 beginning 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 for Wales. 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 for details) - 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 - your concerns 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 property. Getting a sensible price for your property 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 they re-sell. 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 themselves in. 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.

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