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Financial Services Authority steps in regarding sale and rent back adverts

The Financial Services Authority (FSA) has today stepping to call time on heavy-handed sales practices within the sale and rent back sector. This is an area of the market which has shown significant growth in the short to medium term due to the fact that many people are behind on their mortgages and need cash as quickly as possible. To these people, the potential to sell their homes, organise a rental agreement for the future and pay off their overdue mortgage can be a godsend but not always to their long-term benefit.

The FSA has become aware of high-pressure tactics which many salespeople have been using towards people in these very difficult situations. As a consequence, the hard sell adverts advertising these particular services will be banned and certain terms will be outlawed from June 2010. The FSA is also looking to ban a raft of high-pressure sales tactics which have been reported to the authorities over the last few months.

Many people fail to read the small print when looking towards a sale and rent back agreement and can often lose out on significant amounts of money because of the "below-market rate" price being offered for their property. Perhaps now the FSA has highlighted the problem we will see more and more people read the small print and fully understand what they are signing before they jump in with both feet.

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