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

Retired_I.F.A.

For a start off stop yer bloody worrying ! No pile of bricks and mortar is worth it not even Buck palace. A home is who is inside it nothing more.

Dont ask your morgage lender to reduce the payments just tell them in writing what you can afford to pay (a breakdown of expenditure is ideal)
Tell them thats all you can pay for now.

Then sit back and wait for their reply.
If they question your breakdown or insist on more than you can pay tell them to do their worst then as you refuse to pay an intermediary to compile exactly what you have done. You'll find they'll more than likely let you carry on like that for quite some time probably till the equity runs out or is near to it. Especially if the house is up for normal sale. Selling to these rent back cowboys is a mugs game.

Worst scenario... Building society reposses and the council rent you a house that you turn into a home.

Possible scenario... House value increases more than the debt does and you die aged 102 leaving your kids with a half a million pound house with a 400,000 mortgage.

The reality of it is your in no worse a position than those people that have took out equity release plans you see advertised on tv every two minuites they are basically mortgages without any repayments being made.

Mr_Spangle_Pants

I will go back to the CAB this morning, I didn't sleep very well lasst night.
Thanks Retired IFA for your firm but fair approach, my arrears may be an issue, Kensington have already been reasonable with us in the past.

In_Search_Of_Me

I bet you didnt sleep! Did you have a chat with Mrs spangle pants? I would suggest that you ring CCCS as well ...the more advice the better! Let us know how you get on!

chevalier

You weren't comfortable with the CAB before, so why not listen to others and phone CCCS or Payplan. Their numbers are both at the top of the forum. They deal with debt issues every day, and so have more specialists than the CAB. They are also free and impartial, so they will give you the best advice FOR YOU.

Out of interest have you shown Mrs Spanglepants this thread? Does she know how worried you are? This is one instance when ignorance IS NOT BLISS!
chev

redpoison

mr spangle why dont you take your so called friend to the small claims court http://www.hmcourts-service.gov.uk/infoabout/claims/index.htm

Mr_Spangle_Pants

chevalier wrote: »

You weren't comfortable with the CAB before, so why not listen to others and phone CCCS or Payplan. Their numbers are both at the top of the forum.

Thanks Chev, you are right, the folk at the CAB will be the same as last time, shall I call CCS or Payplan ? or both?

Mr_Spangle_Pants

Retired_I.F.A. wrote: »

For a start off stop yer bloody worrying ! No pile of bricks and mortar is worth it not even Buck palace. A home is who is inside it nothing more.

You make it all seem so simple.

What is the difference between a house and a home?

pania

Mr Spangle Pants, Just had a read through this thread. There are lots of people here telling you that the sell and rent back option is not a way to go.

why?

Because we all want to talk you out of making something good for yourself?
Because we are all ganging up on you?
No, Because people have been there done that hon and suffering the scars from the fall out.

Who do you think writes the testimonials that appear on these peoples websites? THEY DO!!!!

Who do you think puts all their advertising on tv etc? THEY DO!!!!

you have stated already that you can be quite stubborn. There are people on this board with a whole liferaft of advice and information available to you free of charge, honest, unbiased advice. please please please listen to them.

Show us your income and expenditure, i know it's scary,
Go to see a more reputable Mortgage advisor, with your equity it may be possible to do something that DOESN't involve falsifying documents.
Answer the other questions that other people have asked.

If you don't want to loose your home, allow us to help keep you in it!!

Sorry if this seems a bit shouty i just want you to see the wood for the trees.

hugs
xxx

peb

Mr Spangle Pants - you have not given us your age. Is an Equity Release Scheme an option? Talk to Norwich Union and Prudential. I rarely recommend these schemes (speaking as a conveyancer) but think it would be preferable to the sale and rent back proposal. The problem, as so many people point out, as it that rent back is usuually on a 6 month assured shorthold tenancy because no Lender will lend on a property with any other form of tenancy - so the buyer would have to be cash or have a special arrangement with the financer. If any of the schemes you see offer a tenancy for life then great - take it. The problem is I do not think they do. NB I have never seen one of these schemes in my professional life and know no more than I have caught from the press!

Burlesque_Babe

Please ignore all the testimonials on these websites. They might well have spoken to customers who are oh so happy for their help and how relieved they are and how easy it was.........because they asked them as soon as the deal was done. I bet if anyone asked to see the dates of the testimonials there are very few (if any) which are older than 6 months after the deal was struck - it's just PR and marketing. They aren't regulated and if you think about it - why would they let someone stay in a house for years paying a nominal rent when they could sell the property and make lots of money so they can buy more houses at a knock down price? They aren't in it to be 'helpful' they are in it to make money.

You say you can't talk to friends - we are all your friends and want the best for you. After seeing the TV programme, I felt very sorry for the lady involved, she was so upset when they took her back to her house and it was empty and getting derelict.

i'd need to pop back to the beginning of the thread to check, but are you on a repayment mortgage? How about going over to interest only for a year or so if you aren't tied in? I did it for 2 years and whilst it isn't ideal, it did help me as I was then able to get a better deal, go back onto repayment AND knock a few years off the mortgage.