My friend is really in a bit of a financial pickle:-( Due to her being a credit risk, she pays a higher mortgage rate.Alot of recent finance situations have just changed4 her%26amp; has lowered her monthly income majorly!She has asked me to look into some Companies that she has seen in the newspaper, who buy your home and rent it back to you (presumably lowering her outgoings) and also some offer that you can buy it back eventually! I am worried for her, due to the amount of equity she has made on her house, although it is in a really bad condition inside, sadly.This woman is about to turn 50 and I try all I can to help her. I am going to look at the websites, advertised on the ads she has shown me..however I thought it would be a good idea to come on here also, to see if anyone had any knowledge or these type of schemes and any advice that they can give. I am worried re pitfalls/catches etc. I know she will loose equity..but just how much % wise?!?! Sadly, she is not good with money also:-(Selling your home and renting it back from a Company..advice required please? UK BASED?
well, its not the interest rates that bothers me, its loosing a house.. you can still borrow from a friend to pay her credits.. but if u let your house go, its like giving it all.. from the credits that he incur, she can still pay it.. ask the agency if she could amortize it in a fix monthly rate.. in that way the interest would not go up.. and try to earn or get another job to finance..
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