If you’re looking for a fast cash sale or want to sell and rent back your home, Full House Developments Ltd is a specialist property company that really understands your needs. If you are worried about repossession, divorce, debt or mortgage arrears, Full House Developments consider all properties in every circumstance. For a quick, effective solution call our team of experts on 0800 234 6586. With total confidentiality, Full House Developments offer a guaranteed price for your home and handle all the paperwork for you. To find out more, email:info@fullhouseuk.com
An interest-only mortgage can be the perfect solution for people wanting to get onto the property ladder. At first glance, an interest-only mortgage reduces your monthly outgoings – but the problem is this kind of mortgage doesn’t pay off any of the capital. This means when it comes to the end of your mortgage repayments you need to have a lump sum of money to pay this. According to the Financial Services Authority, around 15% of people with interest-only mortgages don’t have plans in place to repay the capital. This can leave them in sticky situations – they may have to opt for a ‘sell house, rent back’ scheme. A ‘sell house rent back scheme’ through a specialist property company means you can sell your home for cash fast, and stay in your home at an agreed monthly rent.
It’s thought around 24% of mortgages are interest only, but this could rise as property prices continue to increase. However, there is a dual risk from interest only mortgages - if inflation and interest rates rise it can have huge impacts on your monthly repayments. And interest rates are beyond your control. Many interest-only homeowners are at the mercy of the national economy. It’s vital that you have plans and resources in place to repay the mortgage you take out. If you don’t you could end up facing repossession. A ‘sell house, rent back’ scheme offered as a rescue package from specialist property companies could be the only option left if you don’t want to give up your home.
Many customers don’t realise how a rise in interest rates can impact on their monthly repayments. If you are already tip-toeing in a financial tight rope and juggling debts, the overall impact on your finances can be devastating. To avoid eviction orders, some homeowners have to opt for a ‘sell house, rent back’ scheme to release equity to pay back their debt.
It’s estimated that around 10% of those who have interest only mortgages don’t know how to repay the loan. This suggests that many of those people are facing financial troubles, with no resources for repayment. These people could be vulnerable to repossession actions and a ‘sell house quick’ scheme could be one way out if debts became unmanageable.
