UK Money News
15th February 2008
Sub-prime lenders bring majority of repossession orders
Sub-prime lenders are accounting for a hugely disproportionate amount of home repossession orders, it has been revealed.
Researchers from BBC Radio Five Live's Wake up to Money programme scrutinised 1,200 repossession orders going through the UK courts during January.
Of these, more than half were found to involve borrowers in the sub-prime sector - who were approved for a mortgage despite blemishes on their credit records.
This is despite the fact that sub-prime mortgages accounts for just six per cent of all home loans in the UK market.
The Lehman Brothers subsidiaries and sub-prime specialists Southern Pacific Mortgage Limited (SPML) and Preferred Mortgages were named in ten per cent of all cases.
However, a spokesman for the firms defended the findings on the grounds that a larage number of these cases would be resolved without the borrower losing their home.
He told BBC Online: "The figures are based on possession claims hearings and are therefore not representative of actual repossessions, which are a lot lower.
"Of proceedings started, where solicitors become involved, five out of six are resolved without having recourse to repossession."
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