UK Money News
27th November 2007
Sale and rent back 'should not be undertaken lightly'
A growing sale and rent back industry is taking advantage of the most vulnerable of consumers, it has been claimed.
Older people's personal finance specialist Key Retirement Solutions is warning its target demographic against rushing into such a "quick fix" scheme in case they find themselves needing even more help with money.
It asserts that many such businesses are unregulated and take advantage of consumers already in need of help with finance by offering to purchase the home in question for 70 or 80 per cent of the market value.
Of primary concern to Key Retirement Solutions is the fact that the schemes offer a "quick solution" - which could result in those needing help with debt signing up without fully appreciating the scale of the decision that they are making.
Dean Mirfin, business development director at Key Retirement Solutions, remarks: "Concern is certainly on the up about sale and rent back schemes, a dramatically increasing unregulated sector of the property market.
"In these cases, speed should really not be of the essence as such a big decision linked to the ownership of a home should be carefully thought through."
In recent money news, Key Retirement Solutions established that consumers cutting out intermediaries when seeking out equity release were likely to get a less favourable deal.
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