This information applies to Northern Ireland

The schemes that you talk about are mortgage rescue schemes, also known as buy back, sale and rent back or sale and lease back schemes.

These are schemes which offer to buy your property and rent it back to you.

This may look like a good way out of your mortgage problems because it allows you to pay off your debt while being able to stay in your home.

However, you need to be very careful about signing up to a mortgage rescue scheme because, in some cases, you could end up paying very high rent or even being evicted.

A mortgage rescue scheme may be the right option for you, as long as you check the terms and conditions of the scheme very carefully. You need to understand exactly what you are signing up to, and how this will affect your housing and financial situation in the long-term.

There are different types of mortgage rescue schemes. A scheme could be run by:

• a private company
• a mortgage company
• an individual.

Things to look out for when you're thinking about signing up to a mortgage rescue scheme include:

• whether the scheme offers benefit or debt advice and if so, is it independent or monitored in any way?
• who pays for the costs of selling the property?
• what type of tenancy is being offered? If it's a tenancy which only lasts a certain period of time to start with, can it be renewed after that and when can the landlord take court action to evict you?
• how are the rents set, including how often will the rent go up and by how much?
• what are the responsibilities and obligations of both the landlord and tenant?
• can shares in the property be bought back if your financial position improves?
• are there any insurance or bond arrangements if the scheme ever runs into financial difficulties?

You should also bear in mind that if you sell your home but continue to live there and pay rent, you may not be entitled to Housing Benefit.

For more information about Housing Benefit, see Help with your rent – Housing Benefit.

If you're thinking about signing up to a mortgage rescue scheme, you should get advice from an experienced adviser, for example, at a citizens Advice Bureau. To search for details of your nearest CAB, including those that can give advice by email, click on nearest CAB.

Other Housing FAQs:

• I've received a Claim for possession from the county court because I have not paid my rent. What can I do?
• I paid a deposit when I moved into my rented house. I have now moved out but the landlord will not return the deposit. What can I do?
• I had to leave my last home and now I have nowhere to live. Does the Northern Ireland Housing Executive have to re-house me?
• I have been on the waiting list for a Northern Ireland Housing Executive house for ages. What can I do to speed things up?
• The house I rent is very damp. I told the landlord but she has not done anything about it. What else can I do?
• Can my freeholder increase my service charge?
• I rent my flat privately and the landlord wants to increase the rent. Can he do this?
• What do I need to know before getting a mortgage?
• Can the flat owners run the building we live in?
• What can I do about a mortgage endowment shortfall?