Panorama has investigated the fears that the sub-prime housing market could create financial disaster in the UK in the same way it has in the States. It discovered that people with poor credit histories and low incomes are being offered huge mortgages they simply can’t afford. If they want to stop house repossession, the only alternative left is to opt for a quick house sale. The quick house sale market is increasing as more homeowners are realising they’ve bitten off more then they can financially chew.

The sub-prime market has a higher interest rate, and mortgages are often way too high and above affordability. The quick house sale market has responded to bail out those who simply can’t afford to hold onto their homes. It’s thought around 8% of the UK’s mortgage market is sub-prime. Many of those homeowners simply can’t to repay the mortgages they’ve been sold – and a quick house sale is the only alternative to stop house repossession.

Panorama has discovered that many victims of the sub-prime market are being encouraged to exaggerate their income in order to buy homes. It’s this group of homeowners that are particularly vulnerable to being unable to stop house repossession. The quick house sale market could offer a viable alternative if they are concerned they are unable to stop house eviction due to mortgage arrears.

Irresponsible lending has been blamed for the building debt in the UK. And although debt can mean big business to banks and building societies they play with the risk that it could all become worthless. The people who are turning to the quick house sale market are those who were pushed to take out mortgages they simply couldn’t afford in the first place. The Financial Services Authority has already begun to enforce against mortgage advice companies who push irresponsible lending in the sub-prime market.

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