New rules are to be introduced by the Financial Services Authority (FSA) governing sale and rent back (SRB), the new restrictions will be implemented on 30th June this year. As part of the new rules, firms will be banned from using high-pressure sales tactics and exploitative advertising in an attempt to keep all the companies on a level-playing field anc keep customers protected.
The FSA’s full regulatory regime for the SRB market will also ban cold calling and letterbox dropping and put a stop to the use of emotive terms such as ‘fast sale’, ‘mortgage rescue’ and ‘cash quickly’. Plus, all risks must be clearly made out, a 14-day cooling-off period will be introduced and the customer will also have a security of tenure for a minimum of 5 years. Game changing and welcomed.
Tags: fast house sale, quick house sale, repossession, Sell And Rent Back, Sell My House, Sell My House Fast