Adverse Mortgage Lending Increases
Mainstream mortgage lenders increasingly lending to people with poorer credit
12th July 2005
A new report says that mainstream mortgage lenders are relaxing their credit rules and approving mortgages for people with poorer credit ratings.
Datamonitor, a market analysis company who compiled the report, say that as the mainstream market becomes ever more saturated, lenders are having to consider lending to sub-prime applicants if they want to increase their business volumes.
While this may be good news for mortgage-hunters with bad credit ratings, or the self employed, or others who have traditionally found it more difficult to arrange finance, the picture isn't all rosy.
A succession of high street banks have recently issued warnings that profits will be hit by an increased provision for bad debt as borrowers default in larger numbers.
Read More: BBC News
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