In recent speeches to the Building Societies Association and the Council of Mortgage Lenders, the Regulator (FSA) expressed concerns about the need for lenders to act responsibly in terms of their lending criteria. Particular attention was given to the sub-prime market where mortgage arrears are running at twenty times that of the prime market.
The situation is being compounded by the fact that first time buyers now face the highest interest rates for 15 years and with figures from the Council of Mortgage lenders showing that first time buyers are paying 18.7% of their.
The latest figures from the Council of Mortgage Lenders show first-time buyers in April were paying 18.7% of their income on mortgage interest, and with further interest rate rises in the pipeline the situation may get worse.
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