|You can pay
off your mortgage with a sell and rent back scheme. This means you can remain in your home.
It's well known that millions of
homeowners are facing mortgage shortfalls because their endowment
policies will be insufficient to pay off their mortgage. For some of
these homeowners paying off their mortgage with a sell and rent back
arrangement might be the best option - but there are a number of
alternatives to consider.
Your options for
paying off your mortgage
If you're facing a shortfall there are
a number of possible options open. The route you take will depend on
your available funds, attitude to risk and age.
You can take out further investments
with a view to using these to make up your shortfall. But better
performing investments are usually associated with higher risks, so this
won't suit you if you're risk averse.
A better option, might be to switch
your mortgage to a part repayment loan. However, for some homeowners
this isn't feasible or attractive.
Another option is of course to sell your
home on the open market. It will have appreciated in value so it's
possible you'll be able
to clear your mortgage and have sufficient funds left to put a lump sum
in the bank. But then you have to find somewhere else to live.
The sell and rent back alternative
But what if you don't want to move
house? What if the sum left over is insufficient for you to buy another
Under some circumstances paying off
your mortgage with a sell and rent back arrangement is an attractive option. Sell
and rent back
arrangements are available through professional property companies.
But not all sell rent back schemes are the same. Much depends on the
investment criteria of the buyer. Some companies will only want to keep
your property for a year or so, so the solution on offer is really a
stay of execution.
Investing in people not property
We're proud to say that our "invest in
people, not property" approach allows us to offer long term, family
friendly sell rent back arrangements. What we mean is we can offer you a
way to pay off your mortgage
with a sell and rent back scheme that is a genuine alternative. Not just a stop gap.
We'll fit in with your plans
It would be misleading to suggest we
never sell property but if you tell us about your plans we'll do our
best to fall into line with you. Well, why not?
It's often the case that homeowners
considering sell and rent back schemes have "awkward" circumstances not well
catered for by the mainstream property market. We understand this. And
while you may be in a bit of a fix, that's no reason why you can't find
a property company on the "same wavelength" as you.
The main considerations
Planning to pay off your mortgage with
a sell and rent
back arrangement requires a consideration of a number of different things. The level
of rent you'd find affordable, how long you'd like to remain in your
home and how we can work together to make sure you're house continues to
feel like home.
Yes of course, if you pay off your mortgage
with a sell and rent back arrangement then, yes, you do become a tenant. Strictly speaking. But
what's the point if you're house doesn't continue to feel like home?
A two-way commitment
Probably uniquely, we're happy to
"customise" our tenancy agreements and leases so they meet your requirements. Of
course, it's still a "legal and proper" agreement, but built around your
Why do we take this unusual approach?
Long term sell and rent back arrangements require a commitment from both
parties over and above the legalities of the tenancy agreement itself. By taking
this approach, we hope to demonstrate our commitment to you.
Taking the plunge
Deciding to pay off your mortgage with
a sell and rent
back scheme is a big step. We usually find the more people give this
alternative serious consideration the more questions or queries they
have. It's only natural. We'd be worried if you didn't. That's why we
have an "open door" policy. Got questions - ask. Ask away. You'll always
get straight, honest answers.
You can kick the process off by giving
us a call on 0800 043
0669 or simply complete the
online form so we can contact you to have an initial chat about how you
pay off your mortgage with a sell and rent back scheme.