One of the most common questions you will find being asked online or offline is 'How can I cut my monthly bills and outgoings'?
If you already own your own home, then there is an answer that may be right under your nose. With the recent Northern Rock problems, interest rates on the rise and global tensions leading to a downturn in the world economy. Maybe the time to be a home owner is over?
These days with rents being cheaper than most mortgages and house prices beginning to fall, it can make more financial sense to rent rather than buy your home.
If you already own your home and you are feeling pressure from your mortgage lender or have unsecured debts like credit cards, then selling your home and renting it back could be the option for you.
You could get
- A Cash Lump Sum
- Your Mortgage and other Debts Paid Off
- Lower Monthly Costs
- More Disposable Income from you pay packet
All this without having to move from your home, so your kids can stay in school, your neighbours don't have to know that you situation has changed.
But most importantly you will have a fresh start without debt, something that very few of us these days are able to experience.
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Contributor's Note
You should always take independent advice before entering into any debt reduction transaction.
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