The number of providers willing to approve bad credit mortgages might fall considerably according to some leading financial experts, as the fallout of the Sub-Prime credit crisis reaches boiling point.
Credit Action have stated that because of the situation in America, the mortgage market are inevitably going to tighten up their lending requirements in a bid to avoid replicating the problem in the UK.
A spokesperson for the group said that this was potentially bad news for people looking to get onto the property ladder who don't have a squeeky clean financial history.
She stated: "There is no doubt that the less well-off will find it harder to get mortgages."