Sub-prime lenders 'fully committed to working with borrowers'

Sub-prime mortgage lenders in the UK are "fully committed" to helping borrowers who may face difficulty, according to an expert.

Peter Williams, the executive director of the Intermediary Mortgages Lenders Association (IMLA), made the comment in response to claims from Liberal Democrat MP Vince Cable that such firms do not meet the same standards as mainstream firms.

He went on to call the politician''s comments "inaccurate and misleading".

"Sub-prime lenders are fully committed to working with borrowers in difficulty to help them avoid possession - and already engaged in all the agendas the Council of Mortgage Lenders are talking about," he explained.

Mr Williams added that it is in lenders'' interests to be flexible towards borrowers in different circumstances as "it is not an easy market in which to sell a property".

The IMLA''s executive director also recently stated that the emergence of mortgage advisers has helped consumers to understand the "bewildering market place".

He added that brokers play "a very important role" in helping clients to find the best loan for them.

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