An investor has offered to buy my house. His proposal is to pay about three quarters of the purchase price now, on completion, and the balance in five years time. In the meanwhile, he will pay me interest on the outstanding balance and I will have a second charge on the property.
I would be much happier about this scheme if there was some form of insurance against the purchaser not paying the interest or the lump sum at the end for any reason. I have made a considerable effort to find this insurance, but with success so far.
Does anyone know if such a thing exists?
TIA,
Regards,