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However bad the UK mortgage market is, its not as bad as over the pond it seems – it has been revealed that arrears on US mortgages are three times as bad as over here.

The Mortgage Bankers' Association has found that almost 7% of mortgage loans were in arrears in the third quarter of 2008, while a further 2.97% were at some stage of the foreclosure process.

Only 1.44% of mortgages in the UK are in arrears, according to the Council of Mortgage Lenders.

The MBA estimates that about 2.2 million homes will go into repossession by the end of this year, while the CML predicts only 45,000 Brits to be repossessed in the same period.

The Americans are facing massive unemployment problems that dwarf our own, fuelling such a bleak mortgage market.

Jay Brinkmann, chief economist at the MBA says: "Job losses are adding to the problems that already exist in the housing fundamentals. Fundamental economic factors have become more important as labour markets have slumped in some states.”

These figures prove that things could be a lot worse in the UK. And one of the fundamental reasons we are more secure over here is that we can be sure that our mortgage advisers are strictly controlled and 100% regulated, unlike in the USA, which lacks national financial regulatory controls. So if you are in financial difficulty, talk to one of our fully regulated, wholly legal mortgage brokers today, who are legally obliged to get the best deal possible.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.