‘Rent back’ house scam

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HOUSEHOLDERS selling their homes under ‘rent-back’ schemes are being conned, say researchers.

They found firms often paid under 60 per cent of a house’s true value.

And families were hit with huge rent rises, with some even being evicted within 12 months.

Such schemes allow debt-laden householders to sell their home and rent it back.

Which? found just two firms out of nine offered acceptable advice.

It called for The Financial Services Authority to ‘tighten the screw’.