2007-05-07

Great Britain |

Repossession Not Necessarily the End of the U.K. Homeowner's Road - Rent Back my Property Giving Britons an Option to Stop Their Property Getting Repossessed

Great Britain: With rising interest rates, more and more Britons are facing the loss of their beloved homes. Unable to keep up with their mortgage payments, more homeowners than ever before are seeing their homes be repossessed. Rent Back My Property gives these individuals an affordable financing option that enables them to remain in residency.

United Kingdom (PRWEB) May 5, 2007 -- It's a sad fact of today's economy that a growing number of homeowners are seeing their residential dreams being stolen out from underneath them. A growing number of today's homeowners who get behind on their mortgage payments are unable to save their houses.

Financial institutions are the only winners in this alarming trend, with repossession becoming more and more prevalent. Strapped for cash and unable to come up with the delinquent funds, many of these homeowners have been at the mercy of their lenders… until now that is. By purchasing U.K. homeowners' homes at a reduced rate and then allowing them to rent the property back at an affordable monthly payment rate, Rent Back My Property is giving these helpless debtors another option…one that allows them to remain in their beloved homes. Homeowners who would like to learn more about the sell to rent program can do so online at http://www.rentbackmyproperty.co.uk.

The Bank of England raised the interest rate three times since last August, a move that represents the highest increase in five years. The raise left many homeowners who were already struggling to make ends meet with a heart-wrenching decision: either dig themselves deeper into the debt hole or surrender their properties to the financial institutions they mortgaged them from.

"For many individuals, a house is much more than a roof over their heads. It harbors their dreams, secrets and memories. You just can't put a price tag on something as sentimental as that. To save homeowners from such heartache, we came up with our rent back program. And for those who want to avoid losing their homes altogether, we also offer a buy-back program. This option allows them to stay in their houses and eventually buy them back," explains James Seeby, Rent Back My Property spokesperson.

How does the rent-back program work? By paying a discounted price (typically 80 to 85 percent of its open market value) for the property to stop the repossession and then renting it back to the homeowner, Rent Back My Property affords the emotionally attached homeowner the ability to release the equity from his or her property by selling it, without having to move out of it. The company usually charges the average market rent for similar properties in the same area but aims to make the option affordable for all its clients. The tenancy agreement is typically set for one year and is renewable annually thereafter. The buy-back program operates similarly, but at the end of the agreement, the homeowner once again holds claim to the property.

Mrs. M., a Rent Back My Property customer, holds the company and its program in high esteem: "Our dealings with the company were excellent. It enabled us to pay off our mortgage and rent-back without worries. We have made a big decision with a company we can trust. We think our future is secure with the company. They are professional, with understanding and dedicated staff always on-hand to help if any problems arise."

for PR Web - 2007-05-07