/24-7PressRelease/ - LONDON, UK, December 20, 2007 - A report from Citizens Advice has brought into focus the problems arising from the bad practices and cavalier attitude of sub-prime mortgage lenders in the UK. Many a times, the irresponsible lending decisions of these lenders have driven the mortgage holders into severe debt problems.
The risk of repossession is high in case of sub-prime mortgages and secured loans. This puts thousands of homeowners under a direct of threat of repossession if they are mis-sold unsuitable home loans by the lenders.
According to an investigation by the BBC, sub-prime lenders, engaged in selling mortgages to people with poor credit records, account for more than 70 per cent of all repossession hearings. The sub-prime mortgages otherwise have a meagre share of 8 per cent in the UK market.
David Harker, the Chief executive of Citizens Advice, said: "The cavalier behaviour of some brokers and sub-prime lenders is seriously undermining home ownership and hitting the most vulnerable borrowers hardest. Our research suggests that many aspiring home owners have been mis-sold unsuitable and costly home loans that are doomed to fail from the start."
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