SELL YOUR HOME QUICKLYExtend Your Mortgage Repayment Or Sell And Rent Back Your House
Mortgage brokers are seeing more homeowners wanting to cut mortgage repayments.
Homeowners are currently stretching their finances just to keep up with bills. This, and the fact that many homeowners are struggling to make mortgage repayments, has seen more and more homeowners tempted to extend the term on their mortgage.
DailyMail.co.uk reported that a mortgage expert at London & Country brokers, David Hollingworth, has warned that even though extending the term on a mortgage might cut costs in the short-term, the total cost of the mortgage at the end of the period will be much greater.
On the flipside, the business development director of Mform.co.uk – a mortgage advice website – states that borrowers should do whatever they can to make their mortgage payments more affordable.
Mortgages fall under priority debts, which indicate that it is a debt that one should pay before other debts, as a house could be repossessed if the mortgage lender does not receive the payments.
One of the main problems when it comes to mortgage payments is that people avoid their financial issues and just hope things will get better. It is advised that homeowners should rather extend their mortgage or switch to an interest-only deal.
Homeowners who do not feel like struggling with mortgage payments and repayments opt for selling their house and then renting.
A recent study done by MoneyExpert.com found that the normal renter spends £133.90 on average per person per week, whereas homeowners spend £216.60.
Many homeowners who cannot afford the mortgage anymore, but do not want to move out of their home, opt for the sell and rent back option. MPG Investments offer homeowners a way to “get rid of mortgage debt and arrears without moving house”.
Sell and rent back is an option for homeowners to consider before plummeting more into dept and losing their houses. Contact MPG Investments today on 0800 634 9231 to find out more about our Sell and Rent Back solution.
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