Figures for Q2 2009 showed the number of properties taken into possession by second charge mortgage providers grew by 1.7% compared with the same period in 2008. In Q1 2009 possession levels grew 7.1%.

Fiona Hoyle, head of consumer finance at the FLA, said: “Second charge lenders are making every effort to help customers in financial difficulties and to avoid taking possession and our figures are proof that this is working. But with rising unemployment, this type of support will become even more important. We would urge any homeowner who is worried about meeting their mortgage repayments to contact their lender immediately to discuss alternative repayment options.”

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