30 Sep

Sale and rent back schemes are "very good"

Sale and rent back schemes are "very good"

One property expert has spoken out about how she believes sale and rent back schemes to be "very good".

Catherine Hearnden, director of loan specialist MyMortgageDirect, said she is a fan of the concept because it helps people to remain in their homes.

Her comments follow an announcement by the Financial Services Authority in which it laid down various new regulations designed to give added protection to consumers in the sale and rent back market.

Due to come into effect on June 30th 2010, the rules include ensuring consumers have security of tenure and a requirement in every sale that companies verify whether a person can afford the contract and that it is right for them.

Meanwhile, the government recently published details of its national campaign to help homeowners take control of their finances and make the most of the support available.

It revealed that more than 300,000 people have received guidance in paying their mortgage since April 2008.
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