The Financial Services Authority (FSA) rules on sale and rent back schemes have been welcomed by a debt management company.
Guidance from the FSA aims to protect vulnerable consumers through methods such as banning exploitative advertising and high-pressure sales techniques, introducing a 14-day cooling off period and ensuring a security of tenure for at least five years.
The rules are appreciated by Kevin Still, director of debt solution specialist EuroDebt, who particularly welcomed the affordability and appropriateness check.
"Sale and rent back can be a viable alternative for homeowners facing re-possession and struggling with other debt problems," he commented.
Under the FSA rules, the use of emotive terms such as "fast sale", "mortgage rescue" and "cash quickly" are not permitted in promotional literature, cold calling is banned and measures have been put in place to ensure all risks are clear to the homeowner via FSA documents and during the sales process.
'Sale and Rent Back' schemes might seem to be the solution if you can no longer afford to pay your mortgage but as Christine Toner discovers they sometimes prey on the vulnerable and there are often better alternatives.
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