Due to house repossessions or bank foreclosures in Scotland, it is easy to lose your house and home. There are many people who don’t wish to lose their home but find themselves in a situation outside their control. This is where a sell and rent back scotland option can work well.
Posted June 18th, 2009 by admin
Posted June 13th, 2009 by admin
POLICE investigating an alleged sell and rent back scam which has hit 2,000 struggling families in the Northumbria region suspect it could be the largest fraud of its kind.
Northumbria Police are probing North East Property Buyers and Newcastle Home Loans after after a referral from the Financial Services Authority.
The Gateshead firms buy homes from people across the region who are struggling to pay their mortgages and allow them to rent them back.
However, the firms have allegedly defaulted on repayments which has led to hundreds of repossession orders.
Posted June 5th, 2009 by admin
Measures will offer protection until full regulation is introduced next year, says the FSA
Homeowners who fall victim to rogue sale and rent back companies may be able to claim compensation from 1 July in the first step towards full regulation of the schemes by the Financial Services Authority (FSA).
Full regulation will be introduced on 30 June next year, but it was announced today that the watchdog would introduce interim steps to tackle immediate consumer problems.
Posted June 4th, 2009 by admin
It is estimated that 2,000 such firms, some of which are “one-man bands”, have sprung up to operate the controversial schemes in the past three years and that up to 20,000 homeowners have sold their properties to resolve debt problems.
The FSA said it wanted “to offer some protection to vulnerable homeowners as soon as possible” and aimed to introduce an interim regulatory regime on July 1. A more comprehensive system would start in June 2010, it added.
Ed Harley, the FSA’s head of mortgage policy, said: “We know that some consumers enter into [these] sell and rent back arrangements without understanding the costs and risks. This can be a source of real distress for people in difficult circumstances.”
