So Long Victoria Mortgages
Monday 10th September 2007 UK mortgage lender Victoria has gone into administration this week and is the first victim of the sub-prime mortgage lenders. Sub-prime mortgages are those which are offered to people with a poor credit history and these lenders are set to be the worst hit following the recent housing crisis in the US.
The firm is said to have had its funding line cut and although most customers will not be affected those customers who have been approved a mortgage but have yet to receive a loan are expected to be the worst hit.
Victoria was established in 2005 and employed around 50 members of staff. They account for 3% of all sub-prime mortgages offered in the UK and currently provide mortgages to around 5,500 customers.
GMAC-RFC a rival mortgage lender has contacted the Financial Services Authority to offer assistance to borrowers affected by the administration of Victoria.
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