Wednesday, September 26, 2007
means that UK financial institutions now must pay more interest to borrow money
Sub-prime Problem to Affect UK Mortgages
The sub-prime mortgage crises has claimed several scalps in the US but has so far failed to heavily affect the rest of the world. It is safe to say, however, that mortgage industry analysts are waiting with bated breath to see whether the UK financial markets will be adversely affected.
Posted by chris @ 01:11 AM (487 views)
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alan says:
That’s because the impact of the step (teaser) loans has not caused widespread defaults yet.
450,000 mortgages (say Credit Suisse) are due for upward re-rating under the contractual terms around the end of November. Repossions will kick in in March, bond defaults and job losses in April.