I am going to sell my house and rent it back.

Mr_Spangle_Pants

Found Cliff Richard and a boy with a cone stuck on his head, I feel wierd, worried yet optimistic.

RAS

Hi

have a look at this thread and follow up the links http://forums.moneysavingexpert.com/showthread.html?t=581194&highlight=rent+back

Mr_Spangle_Pants

Toto wrote: »

I hate these people as much as I hate the likes of first plus and the rest of them.

Funny you should mention First Plus, I am also with Kensington for the main mortgaeg.

Mr_Spangle_Pants

Karmacat wrote: »

http://www.easier.com/view/Finance/Mortgages/News/article-145117.html

It finishes by describing people as being left "financially ruined and homeless". Very far from a solution.

Thanks Karmacat, I also read "Daylight Robbery" !

I am now totally confused.

January20

Try this from the BBC news website:

http://news.bbc.co.uk/1/hi/business/6974698.stm

Mr_Spangle_Pants

January20 wrote: »

Try this from the BBC news website:

http://news.bbc.co.uk/1/hi/business/6974698.stm

Somebody out there must have something positive to say about these companies?

RAS

No not based on what I have seen on here over the last year.

tallyhoh

Coming from the Housing Benefit angle--If you did sell & rent it back, what happens when your capital starts to run out?? Would you be able to claim any rent/housing benefit??

They could say, I think its called "a "contrived tenancy". Best to check this out carefully.

I also saw the programme on the TV, very nasty.

malestrom07

I would be very very wary indeed. These companies are attracting a lot of press attention and so far the horror stories are truly shocking. Why on earth would anyone contemplate such a deal in a market which is unregulated. There are no guidelines, no guarantees and no indemnities. There are always other options, they may not allow a person access to "instant cash" or allow them to enjoy staying in their own home, but let's face it, with an average tennancy offered at between 6 and 12 months, dozens of get out clauses and no regulation, I think you'd have to be mad. I know of a case recently where a 78 year old widow was evicted in her abscence by one of Europe's biggest financial institutions. She missed three months rent. She was in Hospital after breaking her hip. Her house is gone. She has just twenty grand in the bank. She lost her home of over 50 years. Get some independent advice from the likes of CCCS, PayPlan etc.

No regulation = Sharks = Nightmares - Good Luck.

Rikki

Rikki wrote: »

This was mentioned on television this week. (Racks brains to think of program)


It ended in disaster for the lady concerned. The company she sold to passed it on to someone else and they never paid the mortgage. The home was reposessed by the bank and the the lady was then homeless. The home remains empty, has been vandalised and the lady is devostated.

Please if you consider this option be very careful and research the company fully. Dot the I's and cross all the T's.

I can't find it, but I definitely didn't imagine it.