Happy New Year from You Stay, the Rent Back Specialists
You Stay would like to wish all it’s Rent Back Clients and anyone considering Sale and Rent Back a very happy new year and all the best for 2009.
At You Stay we have a strong understanding of what is currently happening in the market, and can offer advice on any aspect of Sale and Rent Back.
Please visit www.you-stay.co.uk for detailed information and free guides.
Mr P contacted You Stay after the breakdown of his relationship. He was struggling to keep up with the mortgage payments on his own, and as he is self-employed didn’t know what would happen in the next few years. Mr P had also recently taken out a loan to buy a vehicle. The vehicle was critical for his business, but was putting quite a lot of extra financial pressure on him.
Mr P’s goal in Selling and Renting Back was to release the pressure of his mortgage and loan payments, reduce his monthly outgoings, and allow him to concentrate on building up a successful business.
As Mr P is a qualified and talented tradesman, he had started refurbishing his home to his taste. He only had a couple of rooms left to do, and it was very important for him to be able to carry on with this. You Stay visited Mr P’s property, and were of course happy for him to carry on redecorating as he pleased. Actually, You Stay was so impressed with his skills they employed his services at other Rent Back properties!
Mr P’s business is now booming, and he is enjoying a much less stressful life.
Mr and Mrs W are self-employed, and had had a few difficult months with their business, which meant they were unable to afford their mortgage payments. They were able to pay off their arrears, but their mortgage company, who was treating them very badly, was intent on repossessing their home and had set a court date. Although the W’s would have had a very strong case in court, they decided they did not want the stress of dealing with the mortgage company any longer.
They decided that Sale and Rent Back would be a better option for them. You Stay were able to help the W Family stay in their home, and they are now paying less in rent than they were on their monthly mortgage payments. They were also able to pay off their credit card and car loan, and will never have to deal with the mortgage company again.
As the Credit Crunch sets in more and more people are looking to Sale and Rent Back as a solution to their financial problems. I speak to people everyday who are struggling with their mortgage payments and are worried what will happen when their fixed term ends. On top of this is the added pressure of increasing household bills, which all seem to be going up on a daily basis.
Sale and Rent Back gives these people an option which allows them to pay off their mortgage and decrease their monthly outgoings while staying in their property.
Mr & Mrs D contacted us because they had fallen behind with their mortgage payments, and were struggling to catch up again. This had only happened because Mrs D had become seriously ill and had to give up her job while waiting for an operation. It was bad timing that at around the same time Mr D also lost his job, and had to move to something with a lower salary. Although they knew the situation the mortgage company was less than understanding, and harrassed them at all hours of the day, causing Mrs D even more stress. Mrs D did not want to lose her property as she had lived there a long time, and was not in a physical condition to be able to move houses.
You Stay were able to help by offering a Sale and Rent Back with a purchase price that would cover their debts and be enough for a much needed holiday after Mrs D’s surgery. Their new rental was much more affordable than their mortgage had been, and they could now relax, without the worry of the mortgage company hounding them. Things are now really looking up for Mr & Mrs D – the surgery went well, and Mrs D is now working part-time, while Mr D has gained some extra qualifications to allow him to apply for better paying jobs.
This from Mr & Mrs D: “I love my home, and you made it possible for me to stay in it. The house still really feels like mine, the only difference is that we pay rent instead of mortgage. It is still my home and I hope it to be for many years to come.”
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