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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

FSA looks into subprime mortgage practices

03/07/2007

Results of a review of the UK subprime mortgage market, which targets people with credit problems, are set to be released by the Financial Services Authority (FSA) on Wednesday.

The FSA said that it is increasing its focus on areas of the mortgage market, such as lifetime mortgages and the subprime sector, which are high-risk to consumers who may already have high levels of debt, Reuters reports.

Part of the FSA`s concern for customers is that rising house prices will encourage people to borrow against their property - putting them more at risk for debt problems in the property market slows.

In a meeting in May, Clive Briault said that parallels between the US and UK subprime mortgage markets could not completely be ignored.

Problems in the US subprime mortgage market have caused several financial problems in that country, including forcing some firms into bankruptcy protection.

The FSA regulates the financial services industry in the UK.

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