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CML expresses concerns over sale and lease back schemes

15/10/2008

The Council of Mortgage Lenders (CML) has expressed a number of reservations about so-called sale and lease back schemes.

Under such schemes, homeowners sell their property at a discounted price in return for the option of remaining in the home as a tenant.

They are usually taken up by consumers with problems concerning their personal finances - such as high-level debt - and who are facing possible repossession of their houses.

CML spokesman Bernard Clarke stated that there are many concerns about sale and lease back arrangements.

He added that his organisation wishes to see comprehensive regulation of the industry in order to provide protection to consumers.

Mr Clarke went on to say: "Customers ... dealing with sale and lease back companies are dealing with [an] institution that is not regulated, so there is not a level playing field for institutions and that creates confusion for consumers and significant potential for consumer detriment."

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