Press Release Summary: A report from the Bank of England has warned that sub-prime lenders might face problems in obtaining credit.
Press Release Body: London (loans-bazaar) October 25, 2007: The vulnerability factor has not receded from the UK financial market as far as sub-primes are concerned.
The Bank of England expressed its concerns over further sub-prime problems. The Bank said that the UK sub-prime borrowers could face serious problems in getting credit as banks have to cope up with higher borrowing costs.
There is a greater risk involved in sub-prime mortgages and sub-prime secured loans. Many lenders have closed the deals on secured loans that were allowing more than 100 per cent loan-to-value. Personal loans have registered an increase of up to 4 per cent in the interest rates in last few months.
John Gieve, the Bank's deputy governor said: "There have been signs of recovery in recent weeks but some markets are still illiquid and the financial system remains vulnerable to further shocks."
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