Has anyone dealt with a company called My Home 4 Life in the UK?

Question

We are looking to potentially use them and would be interested if anyone has had dealings with them and opinions.

Answer 1

They appear to be a 'real' company ... (see link)

Basically they buy your house (at their valuation) and rent it back to you ..

From their FAQ ..
"How much will my rent be?
The initial rent we agree will be a minimum rent, and will be reviewed annually in line with any upward change in the Halifax House Price Index over the preceding 12 months. The rent (as detailed in our proposition to you) is paid to us monthly by direct debit or standing order. The rent does not include rates, council tax or utilities, which will remain your responsibility"

So your rent goes up in line with property prices (this could cost you dear in the long run) ...


So 2 main points :-
1) Get the house valued on the open market first (often these types of deals offer you much less than market price)
2) It's only worth it if you are likely to die in the next few years

If 'Mum' (the house owner) is 70 or 80 years old and/or in poor health, this could be worth a look .. however Mum & kids might be a lot better off if the kids buy the house (perhaps via a Trust) & rent it back to Mum, instead of handing the 'profits' (i.e. increase in value of house in the years untill Mum dies = as a 'rule of thumb'; you can assume the house value will double every 10 years) to this company ..