selling property to rent it back

northernlass_2

hi there, can anyone give me advice please?
At the moment i am a single parent on income support as i split with my husband earlier this year. i have 3 children and a mortgage and everything else that goes with it and i honestly cant afford it. i dont qualify for help with my mortgage interest for another 31 weeks and i just cant afford to pay the mortgage so i was considering selling my property to Northeast Property Buyers who guarantee they will rent the property back to you on a long term basis. i will then get housing benefit and get my rent paid i also wont have to pay out all the insurances that go with a mortgage, at least then i will be able to live semi comfortably with my children in the home we have lived in all our lives until i find a job.
what do you all think? is this a good idea or should i persevere, i dont get help from the ex as he is on benefits due to being dissabled while in the army.
any advice will be taken on board, thank you

FraudBuster

Be very careful about signing up to a [FONT=Arial,Arial]mortgage rescue scheme [/FONT]run by a private company. Not all these schemes are run by trustworthy companies and you could end up paying very high rent or even being evicted. Schemes run by local authorities or housing associations are better, but there aren't many of these around. Get advice before signing up to a mortgage rescue scheme run by a private company.

From:

http://www.adviceguide.org.uk/d_mortgage_arrears.pdf

barnaby-bear

northernlass wrote: »

hi there, can anyone give me advice please?
At the moment i am a single parent on income support as i split with my husband earlier this year. i have 3 children and a mortgage and everything else that goes with it and i honestly cant afford it. i dont qualify for help with my mortgage interest for another 31 weeks and i just cant afford to pay the mortgage so i was considering selling my property to Northeast Property Buyers who guarantee they will rent the property back to you on a long term basis. i will then get housing benefit and get my rent paid i also wont have to pay out all the insurances that go with a mortgage, at least then i will be able to live semi comfortably with my children in the home we have lived in all our lives until i find a job.
what do you all think? is this a good idea or should i persevere, i dont get help from the ex as he is on benefits due to being dissabled while in the army.
any advice will be taken on board, thank you

http://england.shelter.dev.squiz.co.uk/get_advice/advice_topics/paying_for_a_home/income_support_mortgage_interest
Are you sure you have had decent advice? If you are a single parent and he's left there's a fast track scheme for payments. Highlighted below.

"When will I get the first payment?

People over 60 are entitled to help immediately but there are waiting periods for everyone else. If you took out your mortgage after 2 October 1995, payments normally won't start until 39 weeks after you claim. However, you may get payments sooner if:

• you got your mortgage before 2 October 1995
• you are a carer and the person you look after is eligible for certain benefits
• you are a single parent whose partner has died or left
• you are an offender and are waiting for a trial or sentence
• your have mortgage protection insurance but it won't pay because of a medical condition you already had when you took out the insurance
• your mortgage replaces a previous mortgage on the same property, which was taken out with the same lender on or before 2 October 1995.

If you are in one of these situations, you will probably be eligible for no interest at all for the first 8 weeks, half of the interest for the next 18 weeks and all of the interest after 26 weeks. You will have to pay for any interest that is not covered from any income or savings you may have."

northernlass_2

barnaby-bear wrote: »

http://england.shelter.dev.squiz.co.uk/get_advice/advice_topics/paying_for_a_home/income_support_mortgage_interest
Are you sure you have had decent advice? If you are a single parent and he's left there's a fast track scheme for payments. Highlighted below.

"When will I get the first payment?

People over 60 are entitled to help immediately but there are waiting periods for everyone else. If you took out your mortgage after 2 October 1995, payments normally won't start until 39 weeks after you claim. However, you may get payments sooner if:

• you got your mortgage before 2 October 1995
• you are a carer and the person you look after is eligible for certain benefits
• you are a single parent whose partner has died or left
• you are an offender and are waiting for a trial or sentence
• your have mortgage protection insurance but it won't pay because of a medical condition you already had when you took out the insurance
• your mortgage replaces a previous mortgage on the same property, which was taken out with the same lender on or before 2 October 1995.

If you are in one of these situations, you will probably be eligible for no interest at all for the first 8 weeks, half of the interest for the next 18 weeks and all of the interest after 26 weeks. You will have to pay for any interest that is not covered from any income or savings you may have."

thanks for that barnaby-bear but it only counts if my husband abandoned me which he didnt, because i asked him to leave and we separated on amicable terms then i dont qualify and wont get any help for 39 weeks in total and i have 31 left to go.
what is really annoying is my ex has gone on to get a house through a private landlord and gets £90 of his £98 a week rent paid through housing benefit, yet I with 3 kids and a mortgage get no help at all which is why i was looking into selling to these companies then renting it back and ill get my rent paid. Great system eh,

macaque_2

northernlass wrote: »

hi there, can anyone give me advice please?
At the moment i am a single parent on income support as i split with my husband earlier this year. i have 3 children and a mortgage and everything else that goes with it and i honestly cant afford it. i dont qualify for help with my mortgage interest for another 31 weeks and i just cant afford to pay the mortgage so i was considering selling my property to Northeast Property Buyers who guarantee they will rent the property back to you on a long term basis. i will then get housing benefit and get my rent paid i also wont have to pay out all the insurances that go with a mortgage, at least then i will be able to live semi comfortably with my children in the home we have lived in all our lives until i find a job.
what do you all think? is this a good idea or should i persevere, i dont get help from the ex as he is on benefits due to being dissabled while in the army.
any advice will be taken on board, thank you

Your children need you and your husband together. Why don't the two of you behave adults and get back together again? Why does the tax payer have to keep bailing out people like you whilst old people suffer from hypothermia in winter. As to what you do with your house, I could not care less.

northernlass_2

macaque wrote: »

Your children need you and your husband together. Why don't the two of you behave adults and get back together again? Why does the tax payer have to keep bailing out people like you whilst old people suffer from hypothermia in winter. As to what you do with your house, I could not care less.

yes, why dont i just to please you, that sounds like a wonderful idea and i can make my childrens life hell just to keep a smile on your face, you know nothing of my situation but believe me you wouldnt go back to what i had even if it was the only option available.
i didnt ask to be in this situation and dont intend to be for the rest of my life now i asked for constructive advice so if you dont have any go away and dont insult me with your stupid replies, at this moment in time i dont need them, this board is to help people and if you cant do that then keep your mouth shut and your opinions to yourself.

andrewmp

macaque wrote: »

Your children need you and your husband together. Why don't the two of you behave adults and get back together again? Why does the tax payer have to keep bailing out people like you whilst old people suffer from hypothermia in winter. As to what you do with your house, I could not care less.

You nothing about her cirucumstances. Is there any need to be so rude.

silvercar

I presume you are both still named on the mortgage. Does you ex realise he is equally responsible for the mortgage?

The problem with these sale and rent back schemes is that you have no guarantee how long you can remain in the property. Chances are they will give you a 12 month assured shorthold tenancy. At the end of that time they could evict you or increase your rent massively and then you will have lost your home.

northernlass_2

silvercar wrote: »

I presume you are both still named on the mortgage. Does you ex realise he is equally responsible for the mortgage?

The problem with these sale and rent back schemes is that you have no guarantee how long you can remain in the property. Chances are they will give you a 12 month assured shorthold tenancy. At the end of that time they could evict you or increase your rent massively and then you will have lost your home.

thanks silvercar, he will help out as and when he can but that then counts as extra income for me and i get money taken off me so will be worse off in the long run, i cant win, as soon as im in employment i will look into getting money from him to help pay but things arnt looking good at the moment, 4 years at college and im now over qualified LOL.
this is the company i was thinking of contacting www.northeastpropertybuyers.co.uk
if anyone would take a look and ley me know what you think that would be great.

silvercar

slick website.

You want to find out exactly what tenancy agreement they will give you and what guarantee on rents.

The thing you can't check is what happens if the company get into difficulty, will the lender repossess and honour the tenancy agreements?

northernlass_2

silvercar wrote: »

slick website.

You want to find out exactly what tenancy agreement they will give you and what guarantee on rents.

The thing you can't check is what happens if the company get into difficulty, will the lender repossess and honour the tenancy agreements?

thanks i will do full research before i do anything drastic i just thought i would ask on here if anyone had had any dealings with these companies and how they got on.
thanks i appreciate the advice