Sell and Rent Back
When faced with the threat of repossession one option can be to sell your house or flat and then move into more modest rented accommodation. However, there are other options available, one being to sell and rent back your house or other property.
Sell and rent back services work by selling your property to a company or private investor, they then rent the property back to you. This approach can release equity in your property and provide a short or long term rental solution without the sudden loss of your home that would result from a forced sale.
The type of rental deals available with this approach vary to fit your circumstances, e.g. you can rent for a few months or many years, fixed rents, indexed linked, etc. however an absolutely key point to note is the quality of the company that provides a sell and rent back service, watch out for the rogues who buy the property and then evict you after only a few months.