banks and mortgages

[bumblebee14]

i was told today that a bank could buy your house off you and rent it back to you. Is this true

[Schutzengel]

There are firms that do this, but they are not banks. Be very careful if you are considering this, as they often put a time limit on the rental period, such as 5 or 10 years. It seems to be a worrying development in the housing market. You would need to research this properly and very carefully.

[CheekyChops]

They also buy it off you at way below market value and there have been cases of people being kicked out of their homes after the initial 12 month tenancy agreement has expired.

[Richie88]

what ever you do, don�t do this! Selling a property just to rent it from someone is ridiculous. Any money you make will just go straight on rent and you will not get a good value for the house itself. Holding on to your assets is a priority whatever your financial situation!