I agree with Dean and I am pleased to report that a number of forward-thinking lenders have been very responsive to RPS’s suggestion that alternative solutions such as sale and rentback should be put to borrowers earlier in the arrears’ cycle so they have the time to make an informed decision rather than a decision borne out of desperation.
Sale and rentback will not be suitable for everyone but it may be a valid solution for some and should be considered alongside other options.
A key challenge for us has been to ensure vulnerable borrowers have access to professional independent advice before committing to a sale and rentback agreement and this is an area where we believe financial advisers have an important role to play.
RPS will be piloting its new service via a restricted number of financial advisers before extending our service to other distributors later in the year.
Residential Property Solutions