Homeowners-cum-tenants who have been ripped off by sale-and-rent (SRB) firms may be in line for compensation. SRB firms offer to buy homes and then let them back to their previous owners. However, according to a review of the market by the Financial Services Authority (FSA), most deals offered are either “unaffordable or unsuitable”. The regulator [...]
sale and rent back
Which? exposes sale-and-rent-back firms
A new investigation by Which? Money claims to have uncovered “woefully inadequate” advice in the sale-and-rent-back (SRB) market.
Operators in the sector offer to buy homes at a discount, usually from people in financial difficulties, and rent them back to their previous owners.
However, in its research, the consumer group found that only two of the nine [...]
New measures on sale of mortgage books
The Government has announced a package of measures intended to protect homeowners whose mortgages are sold on to a firm that is not regulated by the Financial Services Authority (FSA).
Prior to the financial crisis, it was common for lenders to sell their mortgage books as a means of raising new capital for lending.
However, legislation to [...]
