UK Money News
30th November 2007
Subprime mortgage market 'dwindling'
The last six months has seen the withdrawal of two-thirds of subprime mortgage offerings from the market, according to the latest research from online comparison site Moneyfacts.co.uk.
Since July, some 63 per cent of sub-prime residential products and 89 per cent of subprime buy-to-let products have disappeared according to the research, which could mean people who have needed help with debt in the past struggle to get a mortgage.
Julia Harris, analyst at Moneyfacts.co.uk, has suggested such activity may lead to a rethink in the lenders' strategy as far as subprime is concerned.
"It seems that the only way for the subprime market to survive is for lenders to take a radical look at their approach to the market," Ms Harris said.
The hiking of rates and more strict criteria has also made this rethink a necessity in the eyes of the analyst.
Ms Harris added that the subprime market, which is a personal finance method often used by people with non-conventional borrowing histories, could all but die out by the end of the year.
Research from GE Money in September indicated that one in four brokers had been affected by changes and turmoil in the subprime market.
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