Mortgage market 'affected by credit crunch'
www.moneynews.co.uk > Mortgages > Mortgage market 'affected by credit crunch'
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Mortgage market 'affected by credit crunch'
Thu 18th Oct 2007
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A spokesperson for Credit Action said that secured loans and the mortgage market will feel the effects of the sub-prime credit crisis.
"The sub-prime market accounts for something like ten per cent of the mortgage market and obviously that has been affected by the situation in America," she said.
"There is no doubt that the less well-off will find it harder to get mortgages."
However, she added that door-step lenders and similar firms "that traditionally provide for the less well-off" will not be affected because they operate on an agent network.
The majority of people would prefer to take out a loan from conventional high street lenders, the spokesperson explained, stating that people who are refused credit by these institutions may turn to alternative creditors.
Credit Action is a national money education charity which was founded in 1994. It aims to assist people with financial management.
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