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Family keep home after landmark SRB ruling
A family has won a landmark court case that has enabled them to keep their home after they almost lost it through a sale and rent-back (SRB) scheme.
Shrewsbury couple Paul and Amanda Jackson entered into an SRB deal after getting into mortgage arrears.
SRB allows homeowners to remain in their property as rent-paying tenants while a company or landlord handles the mortgage payments. It is an option to for people in debt who could face repossession.
However, the company which bought the Jacksons' home failed to keep up with the mortgage payments, meaning the couple faced being evicted from the property in 2007.
Mr Jackson said: "We took that option [SRB] to provide security and safety for our family as we didn't want to lose the home we had lived in for more than 20 years.
"But when we were served with the eviction notice we felt as if everything was being stolen from us."
After the couple took legal action, a judge at Birmingham County Court ruled that the family have the right to stay in the property for life, either by taking out a new mortgage or remaining there as tenants paying rent fees to the mortgage lender who repossessed it.
Steve Brooker, markets expert for lobby group Consumer Focus, said: "It is great news for users of these schemes that this case has been won."
He added: "There is a lot of confusion about these schemes, as many people think they are protected [from repossession] in the same way as equity release."