Mis-sold Mortgage Claims > Mortgage News
Sub-prime lenders suffer most from repossessions
Thu, 21 Apr 2011
It has been reported that sub-prime lenders have a "disproportionate" share of repossessions when compared to other lenders. Matthew Wyles, distribution director at Nationwide has said that sub-prime lending is to blame most for repossession in the property market.

Wyles attacked the "old sub-prime and specialist lending market" referring to it as "where all the crazy things were being done between 2004 and 2007." His views are shared by many as leading experts have said that you won’t find many people defending the sub-prime or specialist lender sector at the moment.

Arrears and repossessions are highlighted at the moment as many borrowers face a payment shock as they lose the benefit of introductory rates, these are often followed by higher rates, with many borrowers unable to remortgage due to poor credit history or an increased tightening of lending criteria.

There is growing concern amongst independent charities in particular, that any rise in interest rates will see thousands of borrowers struggling to make payments and unable to enter into acceptable repayment plans with aggressive lenders.
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