If you choose to sell your house quickly then sell and rent back scheme would be the best option. When you put your house in the market to sell, you wait for several weeks for it to sell then some more weeks to complete the sale, pay legal fees and estate agents fees. You are not sure whether the sale is complete. This is not helpful if you are facing financial difficulties. If you want to sell your house to clear your debts, you need to sell your house quickly. If you choose sell and rent back option you can clear all your debts without leaving your home.

Companies that offer sell and rent back schemes covers solicitor's fees and the cost of valuation. Once a market valuation has been set, the company can give 80-85 per cent of the value of your property as cash, which can be used to repay debts. You can also sign a tenancy agreement for a year and pay a month's rent in advance. Rent is fixed as per market rate, and will increase as years pass by. Once you sell your house, other expenses like building insurance are paid by landlord as it is his responsibility. You only have to pay your rent, utility bills etc.