The latest news about the sell and rent back market revealed that people who have lower than the average income are the only ones turning to companies offering a sell and rent back solution. It was in the past that the lower income families have been known as the ones most likely to struggle in maintaining their mortgage repayments, which lead them to falling into mortgage arrears ultimately.
Of course, they also struggle from month to month to service other bills and often they are unable to catch up on mortgage arrears, which lead to threats of repossession. This of course has led many seeking out a solution to sell their homes as a way of avoiding repossession and many have chosen to turn towards sell and rent back companies as the answer.
Nevertheless, the "Times" has brought to light the fact that the "middle" class, who has substantially higher income, may also become a victim to financial worries and may also turn to seek out the aid of sell and rent back companies.
With larger income come larger financial commitments
Even so, individuals belonging to the "middle" class may have substantially more income per annum to depend on; they have much larger financial commitments and outgoings because of their lifestyle.
For those who are lucky enough to have paid off their mortgage, selling their home at this time while there is still some equity left in it, may be the best opportunity available to them.
Yet, trying to find a buyer today is often a great deal harder compared to years ago because of property that became a poor investment at these times. This is where companies specializing in buying and renting back vary.
The homeowner releases at least whatever equity is left in their home by selling this way and this can then be taken and used to re-invest in something far more secure than property. There is an option of course of being able to rent back the property and stay in it with the choice of buying back and becoming the owner again in the future, if they prefer to undertake that road.
With big home and large salaries often come with high maintenance lifestyles by which many may be are in the struggle to maintain. Those who have found themselves weighed down by their lifestyle costs could opt to sell and rent back for equity release, as contrasting trying to re-mortgage their home.
Of course, they also struggle from month to month to service other bills and often they are unable to catch up on mortgage arrears, which lead to threats of repossession. This of course has led many seeking out a solution to sell their homes as a way of avoiding repossession and many have chosen to turn towards sell and rent back companies as the answer.
Nevertheless, the "Times" has brought to light the fact that the "middle" class, who has substantially higher income, may also become a victim to financial worries and may also turn to seek out the aid of sell and rent back companies.
With larger income come larger financial commitments
Even so, individuals belonging to the "middle" class may have substantially more income per annum to depend on; they have much larger financial commitments and outgoings because of their lifestyle.
For those who are lucky enough to have paid off their mortgage, selling their home at this time while there is still some equity left in it, may be the best opportunity available to them.
Yet, trying to find a buyer today is often a great deal harder compared to years ago because of property that became a poor investment at these times. This is where companies specializing in buying and renting back vary.
The homeowner releases at least whatever equity is left in their home by selling this way and this can then be taken and used to re-invest in something far more secure than property. There is an option of course of being able to rent back the property and stay in it with the choice of buying back and becoming the owner again in the future, if they prefer to undertake that road.
With big home and large salaries often come with high maintenance lifestyles by which many may be are in the struggle to maintain. Those who have found themselves weighed down by their lifestyle costs could opt to sell and rent back for equity release, as contrasting trying to re-mortgage their home.
About the Author:
Alyssa Leigh, Freelance Writer. We are committed to providing free helpful information about the real estate market. For more information about real estate and sell to rent back market visit http://www.aitkenconsulting.com/all-classes-feeling-the-squeeze-of-financial-worry/
