(1888PressRelease)
July 12, 2007 - The FSA will tomorrow release a review of the subprime market, according to Reuters, and will then focus on areas of the industry where it believes customers are at greatest risk.
This includes lifetime mortgages as well as the subprime market, the news agency reports, with more an more homeowners finding themselves falling into debt under the weight of unmanageable mortgage repayments.
The investigation by the FSA is believed to be looking specifically at whether mortgage lenders are correctly selling their subprime and other specialist mortgage products.
The concern is that a slowdown in the housing market and rising interest rates could start to put even more strain on financially-stretched mortgage holders, causing many more to fail in their repayments.
Julian King from National Homebuyers says that the review is too late. "As the UK's leading fast property purchasing firm, we already receive huge numbers of calls from UK homeowners who are experiencing financial problems.
"Our Sell and Rent Back solution is finding its way as a suitable alternative for people who find the reverse and lifetime mortgage arrangements either too costly or too complicated.
"With Sell and Rent Back we will purchase the vendor's property at an agreed amount and arrange a lengthy and secure rental agreement that suits their needs."
National Homebuyers are the UK's leading fast purchase property firm, guaranteeing a quick sale for any homeowner in the UK, regardless of their reason for sale or condition of their property
