Opting Sell To Rent Back When Divorce Is On The Cards Can Provide Stability For Your Family
May 2nd, 2008
Relationship break-up? Opting to rent back your home when divorce or separation is on the cards can help make your capital go further or provide stability for your family. Long term illness or chronic condition? Renting back your house can take the pressure off.
The same applies when it comes to inherited property or family property. But what happens when you are selling someone else’s property? Perhaps even selling your parents’ home?
A sell to rent back scheme can allow you to sell property fast and then stay put long term. If your outgoings are too high or you have an interest only mortgage, paying off your mortgage once and for all while remaining in your house can obviously be attractive. For others, it helps them step off the home ladder for a few years.
Alternatively, perhaps you want to put a stop to an endless cycle of borrowing and spending. In which case you might be considering sell to rent back as an alternative to debt consolidation loans. It is sobering to think that people taking out such loans have less than a 50 per cent chance of reducing their debt.