(1888PressRelease)
September 26, 2007 - That is according to a BBC Radio Four programme to be aired tonight (September 25th).
The show will highlight how so-called 'predatory lenders' tell borrowers to lie about their income in order to get a bigger mortgage.
However, this inevitably leads to financial difficulty for many and as a result an increased number of home repossessions.
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"You're seeing a feeding frenzy in the market, you're seeing fierce competition because the lenders of the financial services companies are killing themselves to get market share," Mick McAteer, a financial inclusion advisor told BBC Radio Four's 'Today' programme.
"And to cap it all really you have very, very weak regulation at a time when possibly millions of people are vulnerable to interest rate rises and may have been mis-sold mortgages.
"And I think it's about time the FSA [Financial Services Authority] took tough action and enforced action against these predatory lenders," he added.
Problems such as this can lead to fewer people entering the property market as trust is lost in the system.
In turn, this leads to a lack of demand for housing and property prices almost inevitably fall making a quick property sale desirable.
