/24-7PressRelease/ - LONDON, UK, August 29, 2007 - The sub-prime lenders are tightening their loan conditions. The homeowners with bad credit histories may find it difficult to get homeowner loans. Experts say that lenders are disturbed by the US financial slump that specifically hit the sub-prime market. That is why they the lenders here are tightening the loan market.
Sub-prime loans or mortgages are meant for people who have poor credit histories and, thus, a greater chance of defaulting. The sub-prime mortgages currently account for about 10 per cent of all home owner loans in the UK.
Personal loans - already more expensive and riskier in nature - are becoming more expensive in the sub-prime market. Commenting on the situation, Ray Boulger of mortgage brokers John Charcol said: "The borrowers who will notice most are those with the most adverse credit".
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