Brokers 'have faith' in sub-prime market

New research has revealed that brokers still have confidence in the sub-prime market despite the current "turbulence" in the sector.

According to GE Money, 63 per have faith in the continued success of sub-prime lending – with just 22 per cent claiming that the uncertainty of the bad credit mortgage marketplace was proving bad for business.

However, one in seven did make clear that the recent upheavals have changed the way they operate with lenders - with 71 per cent of these saying they had become more cautious, especially with less well-established lenders.

Many brokers are well prepared for any turmoil in the UK sub-prime market place, with almost half (45 per cent) insisting they have tools in place which are allowing them to continue to lend.

Colin Shave, chief executive officer of GE Money Home Lending warned that brokers should still remain alert to potential troubles, saying: "At this time it is crucial that experienced providers, with solid financial strength and pedigree, reassure their partners of their long term commitment to the non-conforming market."

A recent poll has revealed that London's City workers are a little less confident in their ability to ride the sub-prime storm, with just three per cent claiming they would see no fall-out from the current crisis.

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