Subprime Loan Problems Occurring In England, Not Just USA
Many times we are so focused on the housing problems in the United States that we think they are only occurring here. However, subprime loans have been being issued around the globe and the impact of bad lending decisions are being felt outside of the USA.
England has had a rash in subprime defaults and it is creating a surge in foreclosures in the British Isles.
Seven out of 10 homes repossessed in recent months were owned by people who bought them with the help of so-called “sub-prime” mortgages – designed for buyers with bad credit records.
Research shows that sub-prime mortgage lenders are responsible for more than 70 per cent of 7,000 homes repossessed in the last three months.
There are no official figures for how large the sub-prime market is in the UK, but property experts estimate these loans account for less than 10 per cent of the total number of outstanding mortgages.
However, they have increased in popularity in recent years as people, finding it increasingly difficult to get on the housing ladder, are prepared to take high-cost loans to buy their own homes.via Telegraph.
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Comment by Jeffrey Owen - Ion Home Inspection on 12 October 2007:
Just because they can. Why do lenders raise the rates of ARM’s and put people into stress? Seems crazy to see and an easy fix. Sticking to the public is not a good way to move forward.
With all the foreclosures make sure you guys get good home inspections. If they did not pay the mortgage what else did they not pay!
Jeffrey Owen
Owner/Chief Home Inspector
IonHomeInspection.com
Houston, The Woodlands, Katy, Sugar Land
Comment by Matt on 11 March 2008:
From experience, if you shop around and have a good credit rating, generally you get a better mortgage deal.
In reality, England seems to be facing a depression but despite this, all strong businesses seem to be helping us pull through.
Banks might be having trouble but this is because they are lending too much out – not because they are not getting it back.