Repossessions are on the downturn consider sell and rent back!
 

It was announced that the number of repossessions were on the downturn but then it was also stated that the number of repossessions are also up to just over 24,000 so far this year. This is equivalent to 130-135 homes being repossessed a day. However this is still a 14% increase from last year!

The so called ‘downturn’ comes from figures from the period of April and June 2009 and the same period last year, and they have recorded that there was a 10% decrease in the number of repossessions.

The figures are coming in line with the Council of Mortgage Lenders (CML) predictions and they are still estimating around 65,000 people will still be trying to stop repossession this year.
With the ever increasing unemployment levels throughout the U.K. the number of people that will be in a position of trying to stop repossession is set to soar. The number of people actually behind on their mortgage payments is estimated around 200,000, with around half of these people being able to agree a payment plan with their lenders, therefore having a suspended possession order on their home.
 
So is there really a downturn in the amount of repossessions?

According to all the figures is seems unlikely, not to mention that when the property market starts to recover and mortgage rates start to increase the number of people that will then be faced with the same predicament is going to be phenomenal. There are so many people out there only just being able to survive due to the interest rate being so low.

So many people are in the position of trying to stop repossession, are being forced to sell their home. There is another alternative to this.

Sell and rent back is an alternative to being repossessed or having to sell your home. The industry itself has just undergone interim regulation by the Financial Services Authority (FSA), meaning that when the full regulation is implemented there is a governing body should anything go wrong.