Have you heard of the Sale And Rent Back option when facing a repossession order or needing to free up cash? It’s where a home owners sells their property and rents it back and now, those who choose this option will be far better protected from disappointment and homelessness.
New will be introduced on June 30th 2010 by the Financial Services Authority (FSA) that will govern sale and rent back companies and ensure new restrictions. These include the banning of high-pressure sales tactics and highly emotional advertising as well curtailing cold calling and letterbox dropping. But the best news for customers is the introduction of a mandatory 14-day cooling-off period and a minimum tenure of 5 years.
