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Thread: National Home Buyers

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    Default National Home Buyers

    I was speaking to couple this weekend, in reference to the housing market and they where struggling with their mortgage payments..

    They got in touch with home buyers, sold half their house to them; so that they could reduced their mortage and pay a small rent...

    Has anyone had dealings with them, as something I am very interested in doing; it would half the mortgage costs and stay on the property ladder...

    I was speaking with my french cousin the other day, she stated that they do not buy in paris; but long term rent....

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    Regular Member neilshaw1980's Avatar
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    I've seen something on TV about these companies that buy your house then allow you to rent it. On pensionser sold hers then 6 months later got a letter through stating her tenancy lease was over and she had to move out. Just check the small print to find out how long they will rent the property back to you for as alot of people have been duped by these sort of companies.

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    Ex RO - East Region soulman's Avatar
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    watch Kisty and Phil tonight in Location location location ...it is a survive the credit crunch mortgage show....might offer up some ideas for you Di

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    Quote Originally Posted by soulman View Post
    watch Kisty and Phil tonight in Location location location ...it is a survive the credit crunch mortgage show....might offer up some ideas for you Di
    Thanks guys, will be checking out the small print and will be watching location location, for some ideas...

    This company is advertising a lot at the moment, especially since the housing market has come to a slump...

    As the couple stated this weekend, that it gave them less debt and that they have a better option on riding this through with their kids...

    It must be a very scary time for families, as it seem to happen quickly; hopefully Gordon Brown, will come up with something to help people surviour this...

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    I've heard some horror stories about this kind of deal where the mortgage part may well be less but the rental after a year goes through the roof so you end up paying more than the original mortgage was!

    I'd steer clear to be honest and find another way to ease the costs (take in a lodger?)

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    On a Sabbatical VauxVeteran's Avatar
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    No NO NO NO NO....all you will do is give away future equity, the solution is go to the bank and ask to be put on interest only if you are struggling.


    This will be less than rent and just suspends the repay time, so you in effect pay the debt off later than originally agreed without increasing your debt.

    This wasn't a reply to your one Juz btw.

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    Regular Member yorkshireborn's Avatar
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    Quote Originally Posted by VauxVeteran View Post
    No NO NO NO NO....all you will do is give away future equity, the solution is go to the bank and ask to be put on interest only if you are struggling.


    This will be less than rent and just suspends the repay time, so you in effect pay the debt off later than originally agreed without increasing your debt.

    This wasn't a reply to your one Juz btw.


    extend your payment by say 3 years much cheaper in the long run.

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    Regular Member G.O'Rilla's Avatar
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    Well said. Steer clear if at all possible. Ever wonder why they spend so much money on advertising? Charity they ain't.

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    Quote Originally Posted by G.O'Rilla View Post
    Well said. Steer clear if at all possible. Ever wonder why they spend so much money on advertising? Charity they ain't.
    Thanks for that guys, that sounds like all usual type of businesses, out to make money; when everyone is in hardship with holding onto their homes...

    I will be looking further at all options, especially with the way the market is and everyone wants to retain their homes and stay on the property market...

    A lodger sounds a good idea, but I know that you have to clear it with the mortgage provider; but worth discussing it...

    As they say, this is a buying market; so best time to be looking...

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    Regular Member MalcGSI's Avatar
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    There have also been cases where the company buying the share of the house has funded the purchase with a mortgage and then not kept up the payments. This has resulted in the tenant (original owner) being evicted when the mortgage company sells the property.

    So as already advised, don't consider it at all.

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