One of the key factors that contributed towards the current financial climate was people borrowing more than they could actually afford. Lenders were confident that house prices would continue to rise so if they had to repossess houses they would be OK. The property market was booming and it wouldn’t be a problem to sell the repossessed house on. So, that clearly hasn’t quite worked out the way everyone wanted and who is really going to feel the pain? It’s Mr. Joe Public. Now that mortgage lenders no longer want ‘high risk’ business they are starting to tighten their criteria
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