If you have been trying to sell your property to one of the so called "quick sale" companies you may have found that they will only consider giving you only 70% of the value of the property. This is by far the worst solution to any problems you may have with your mortgage.
The vast majority of these solutions are designed to get you out of the property so they can resell for the true market value leaving you out of pocket and out of your home. In these circumstances most of the time it is certainly cheaper to refinance, and maybe then sell your property at the full market value.
What about "Sell to Rent"
The concept of sell to rent to rent could work out more expensive as the monthly rent would most certainly work out more expensive than the mortgage you had in the first place. Quite simply, if you cannot afford to pay the mortgage on your property, the rental payments are going to be too high.
How much do you think it would cost to rent a nice house in a nice area, (for example your own house), likely in the region of £400-£450 depending on the area you live. Now working a mortgage payment out for the same property, this would cost, typically £574 per month on a repayment basis over 25 years. On top of that, a would be investor would need to put down a 15% deposit ( £15,000). You don’t need to be rocket scientist to do the maths, if somebody wants to do a buy to rent they will want to make a profit on you.
If you want impartial advice about your individual circumstances and your options we can provide this for you, if you want a short or long term solution we can help. Even if you want to sell your property fast speak to us, you will not be short changed.
Call us immediately on 08700 42 52 64
Your home may be repossessed if you do not keep up repayments on your mortgage.
