Alarm at 'sale and rent back' plans.MERSEYSIDE householders have been warned of the risk of losing their home through unregulated 'sale and rent back' schemes. SYH SYH Suffolk Yacht Harbour (UK) Charterhouse, which is authorised by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) ), said in the past year more than 200 firms have sprung up enticing struggling mortgage holders to sell up for as little as two thirds of market price. Managing director Michael Holt said they often give no security to occupiers beyond a 12 month tenancy. He said: "Only FSA-authorised and regulated firms can offer a secure lifetime tenancy and real security for the future. Consumers need to be wary and make sure they have all the facts before signing away their home." For tips on releasing equity from a home, link up to http://www.syhcharterhouse.com/requestchecklist. php |
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