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Halifax calls for rent back regulation
Halifax has thrown its might behind calls for the regulation of the sale and rent back sector.
Following the government's acceptance of recommendations by the Office of Fair Trading, Halifax said it hoped regulation would be able to deliver protection for consumers and and provide a method of recourse for customers who are unhappy with their sale and rent back arrangement.
The lender has asked the government to provide a timeline to introduce a regulatory framework to the industry.
Joe Higgins, head of mortgages for Halifax said: "If homeowners are in trouble, they need the highest levels of support in the form of transparency and an appropriate level of protection.
"However, homeowners in a vulnerable position should not be subject to a long delay. We are asking the government to outline its expectation for the implementation of regulation, so that sale and rent back does not remain an unregulated market for any longer than is necessary."
