CAB warns:Don't sell your home cheaply

Citizens Advice Bureau manager Tony Mackown said those who snapped up the offers of quick cash often later regretted the decision.

The CAB is dealing with an average of three repossession cases a week as soaring household bills take their toll on a town infamous for high property costs relative to the wages on offer.

Some of those individuals are being targeted by companies who advertise or leaflet door-to-door offering what seems to be an instant solution to the problem.

They promise a cash sale with a rental of the property back to the former owner.

But some of those who have taken the money have soon after found themselves homeless.

Mr Mackown said: 'This is a growing problem and a completely unregulated sector which we think the government needs to look at.

'We are seeing more and more cases of people who are in mortgage arrears and facing the threat of repossession being approached by companies that offer to buy their home quickly at a discount and then rent the house back on an assured short-hold tenancy.

'Many people are tempted by such offers because they want to stay in their home at all costs. This looks like the only way of doing it.

'But we would urge people to think very carefully before going down this route and make sure they have explored all the other options for dealing with their mortgage debt and staying in their home.'

Taking the cash could also see people fall foul of the rules for means-tested benefits.

He said free and independent advice about mortgage arrears was available from the CAB next to the town hall in Clarence Road between 10am and 4pm Monday to Friday.