Lenders deny UK sub-prime spread risk


Lenders are playing down concerns the US sub-prime mortgage crisis will spread to the UK.

A number of firms, including Kensington Mortgages and BM Solutions, as well as the Council of Mortgage Lenders (CML) say “structural differences” between the UK and US mortgage markets will protect firms this side of the Atlantic. The reassurances follow the withdrawals of entire product ranges by some firms, including DB Mortgages and Investec-funded Infinity, in the face of “adverse market conditions”. But Alex Hammond, spokesman for Kensington Mortgages, says the stronger UK regulation is what separates the nations. “The UK market is fundamentally different from the US in several ways...

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