Subprime Mortgage UK vs USA – Why We Do Better
Most importantly, in the UK we have robust regulation. Our subprime mortgage UK market is still ticking over, our arrears are low and our repossessions are tiny in proportion with US figures. Our Government, Bank and Financial Services Authority have created a system where subprime mortgage lenders and mortgage brokers must give fair and even advice, or face fines and even imprisonment. We made sure in the UK that subprime mortgage UK works. And this will not change when the markets reopen – you can be sure that any future subprime loan you take out will be well regulated and your rights will be protected.
The subprime mortgage UK has always heralded innovation. Although a lot of our ideas and backing in the subprime market were from America, we pushed forward and made the subprime mortgage UK market one of the most advanced in the world. Thanks to subprime, the UK mortgage market is faster, more efficient and better placed for a comeback than most other sectors. Fasttracking, online applications, conveyancing and lender support were all enhanced by the subprime mortgage UK boom of the last decade.
We have a unique system of advisers in the UK that makes sure that the regulation systems work, that lenders work and that you are only a click away from all the best subprime mortgage UK products around. The USA is huge, and its system of advisers and lenders is very different as a result. But here in the UK, our advisers are placed to give you the very best advice, while being independent from any lender. Mortgage networks and clubs, of which many UK advisers are members, offer the best possible regulation and lender relationships possible. With the UK adviser market, the subprime mortgage UK market flourished and will flourish again.
The USA is slowly following our lead and has recognised the need for a new system to sell subprime mortgages. But we already have that system in place: so while the Americans get to grips with regulation and control, the subprime mortgage UK market can hit the ground running. Our lenders and our advisers will be ready to go as soon as funding returns to offer you the safest, surest subprime mortgage UK deals around. And while it will take time to see the subprime mortgage UK sector redevelop after this year’s economic downturn, it will be worth the wait to all those looking for good subprime mortgages.