rent back your home with a company regulated by the FSA
If you are struggling from month to month to find the money to continue meeting the demands of your mortgage then your options are a little limited. You could let the lender repossess your home which of course means that you would have to move out and find somewhere else to live or you could choose to sell on your own and still have to leave. You could take the option of choosing a company that offers to buy your home and then allows you to remain in it by paying monthly rent which would be more affordable than the mortgage you were struggling to pay.
If you take the option of selling this way then you would be able to pay off the existing mortgage and the arrears of course and remain in the property as a tenant. However you would have to be careful when choosing a company, you would have to ensure that you choose to sell to a regulated sale and rent back company. Such a company would be regulated by the Financial Services Authority often known simply as the FSA. They are there to ensure that companies who offer to buy your home are giving you a fair deal.
If you choose just any company and one that is not regulated in this way then you could be opening yourself up to all kinds of trouble including emotional and financial problems.