Posted August 27th, 2009 by admin
There is no doubt that banks and other lenders are making it more difficult to borrow money to finance a mortgage. Thousands of consumers across the country are starting to realise that loan companies, banks, credit card companies and mortgage lenders are slowly choking the supply of available cash.
First-time buyers are finding it more difficult to save a reasonable sized deposit, and even when they do it can sometimes be a strain to get a reasonable mortgage offer. In addition, many first-time buyers, who took out their mortgage two or three years ago, find it difficult to place a remortgage.
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Are Sell And Rent Back Schemes A Rip Off?
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Posted August 27th, 2009 by admin
The advertising watchdog has banned an advertisement that suggested the fastest way to avoid repossession is to sell your home.
The Advertising Standards Authority decided Land & Property Bank.com Ltd’s advert placed in local press was ‘likely to mislead by omission’.
It received complaints saying statements such as ‘the simplest way to avoid repossession is to sell your home’ and ‘you can remain in your house for as long as you require’ would give the wrong impression, and ignored that there were other ways for people to avoid repossession and tenancies being offered were on a short-term basis.
Posted August 1st, 2009 by admin
The Office of Fair Trading (OFT) has taken action against twelve companies in the sell and rent back (SARB) market, over statements they made in their advertising.
The OFT asked the firms to substantiate claims made in their adverts or change them.
The resulting action by the OFT has now led to three companies no longer offering the service, six have removed their websites, and a further three have made amendments to their website. Two more have been reported to the FSA.
