Sell And Rent Back Industry Is To Get Watched Tougher
A shoppers’ agency has warned that the watchdog for the Sell and rent back industry has to get very tough.
Which? has documented a number of rent back companies to the Financial Services Authority (FSA) for “woefully inadequate” suggestions.
Secret shoppers contacted sale and rent back firms which only a few supplied “acceptable advice”.
Simply because of this that new FSA regulations were put in place during the past year to protect insecure homeowners facing home loan arrears, currently being targeted by property cowboys and who had debt and repossession; and so desired to learn about equity release schemes.
Sale and rent back firms offer you to purchase houses for cash but enable the consumer to stay residing in the home and rent it back. It appears though that cowboys a year on are boosting the rent to a level the tenant cannot afford.
Here at Rent my house back we talk about whether or not sale and rent back is the proper option for you personally, we don’t have any hidden fees and that we urge that if one enters into a sale and rent back agreement you’re not likely to get the market price of your house.