Sub-prime row erupts over Cable 'unscrupulous' claim


The Intermediary Mortgage Lenders Association (IMLA) has hit out at Lib Dem shadow chancellor Vince Cable for calling the sub-prime mortgage industry unscrupulous over arrears and repossessions.

The Association says Cable fails to understand the sub-prime market. Responding to an announcement from the Council of Mortgage Lenders (CML), which outlined steps to reduce repossessions, Cable said any steps would be ineffective unless enshrined in law. “This CML statement is welcome, but we must wait to see if these declarations of intent are actually implemented. What will the penalty actually be for CML members who ignore the guidelines?” he says. “There are many sub-prime lenders and other creditors who do not have the scruples of the main mortgage lenders.” Peter Williams, execut...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on Mortgages

Client conundrum: Mortgage overpayments versus investments

Client conundrum: Mortgage overpayments versus investments

1.4 million people will see mortgage deals end this year

Laura Suter
clock 22 February 2023 • 3 min read

Summer economic update: Sunak confirms stamp duty holiday in 'mini-Budget'

Mini Budget

Hannah Godfrey
clock 08 July 2020 • 2 min read

FCA sounds alarm on equity release advice

'Tick-box exercise'

Hannah Godfrey
clock 17 June 2020 • 1 min read