Saturday, Jul 28, 2007
Well they are in it for profit
thisismoney.co.uk: Beware sale-and-rent back firms
A growing number of sale-and-rent back companies are targeting those struggling to the meet the cost of living in their homes. Firms offer to purchase homes at below market value and rent them back to the former owners. But the majority of companies offer no residence guarantee beyond six or 12-tenancies, leaving former homeowners at risk of eviction.
Posted by uncle chris @ 09:23 AM (175 views) Add Comment
2 Comments
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1. confused76 said...
"unregulated sale-and-rent back firms"
what is the government waiting for to regulate the housing market and the surrounding parasites
they regulate pensions, they dont regulate housing , why?
apart from the b/s "targets" published by Yvette, there has been a big void of leadership
2. confused76 said...
Uh uh uh... sounds a big scam:
"many sale-and-rent back firms were run by buy-to-let landlords, often searching out bargain buys that could be sold on to make a profit.
People should be aware they face losing their homes if they sign up to a sale-and-rent scheme.
'There are safer alternatives. Bona fide regulated equity release plans offer retired homeowners the chance to release cash against their homes but have complete security of tenure.
'Sale-and-rent may seem attractive to those weighed down by debt and mortgage repayments, but with no regulator to oversee their activities; there is now a new type of landlord trying to take advantage of customers' circumstances.' "