Selling and renting back property schemes are very much considered to be directed at lower income homeowners who are facing the threat of house repossession. Although it is true those homeowners on low incomes tend to be hardest hit by the credit crunch, pushing a lot of people into inescapable debt, sell to rent back schemes are not just aimed at those on the bottom of the pay scale.
Sell Your House And Rent It Back Schemes Cross Class Boundaries
Property investment is all about scale and the bigger the monthly salary the more likely the larger the mortgage will be. Housing prices have been so dramatically over inflated over the last decade or two that even those people on ridiculously high wages have had to mortgage themselves to the hilt to nab the home of their dreams. And as credit crunch tightens its grip, a lot more of those considered well off and increasing numbers of middle class owners have to consider sell and rent back house schemes or fast house sale options to stave off mounting debt.
Sell Your Property And Rent It Back As Credit Crunch Hits Cozy Classes
According to the news, homeowners in UK are beginning to feel the pinch of the credit crunch. Selling and renting back schemes would have never have been essential for most high income earners, but the problem is based in the over-inflated property market. So those home buyers who over borrowed or purchased properties based on up to 5 times their annual salary are now facing financial difficulties as salaries aren’t rising to match the rising cost of living. And people with higher wages tend to have higher monthly outgoings that are just as dangerous as those on lower wages which could lead to more middle classes turning to sell and rent back schemes as the only way out to cope with their debt.
Sell And Rent Back As Home Buyers Lured Away
According to the Telegraph, real estate agents are reporting that big houses owned by people on big wages are being forced to sell up. And as home buyers are few and far between, for some a quick house sale or sell rent back house scheme is the only speedy way out of the escalating financial nightmare of debt. Upmarket Savills estate agent told the Telegraph that they believe a quarter of all properties on the housing market will be up for sale as a result of the credit crunch. For some people, downsizing is the aim – those with high income but a restricted budget due to expenses like on-going school fees.
The Telegraph quoted one couple who had to sell their country house in Devon because the property now required capital to keep it going – extra money it didn’t need when they initially purchased it. Finding a home buyer is hard in today’s climate, and for some a sell and rent back home scheme could be the answer they are looking for.
Billy Moore is a freelance writer. He widely writes for business and finance. He prides himself in finding the best sell to rent back scheme online. He agrees that the best sell and rent back options are found at rentbackmyproperty.co.uk
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