Consumers confused over sale and rent back schemes
News Category: Industry News
Published: 09-Jul-2008
This article was brought to you by Rentman the premium property management system
Millions of homeowners are unsure of the terms offered by sale and rent back schemes, it has been discovered.
In a poll conducted by Fool.co.uk, 89 per cent of consumers surveyed have heard of sale and rent back schemes.
However, the study also uncovered widespread ignorance of the conditions that are typically binding on such schemes.
The finding which the site dubbed "most concerning" was that 26 per cent of those polled believed they were able to remain in the property for as long they liked.
In fact, the lease back is typically around six to 12 months.
Meanwhile, a further 15 per cent thought that they would be in line for the full market value of their property, when the usual sum received is around 15 per cent to 20 per cent less.
News of the poll's results comes as the Council of Mortgage Lenders recently predicted that the number of repossessions could hit 45,000 this year.
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