Second charge repossessions continue significant falls

  • 09/11/2017
  • 0
Second charge repossessions continue significant falls
The number of second charge mortgage repossessions continued to fall in the third quarter of 2017 with the total on course to potentially hit just 100 for the full year, according to the Finance and Leasing Association (FLA).

This would be down from 144 last year and just 6% of the total 1,612 repossessions that took place a decade ago in 2008.

In total, 23 repossessions were made between July and September – down 25.8% on the same three months in 2016.

And the annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements also shrank to 0.06%, down from 0.07% at the same time in 2016.

FLA head of consumer and mortgage finance Fiona Hoyle said: “The fall in second charge mortgage repossessions in Q3 further demonstrates lenders’ commitment to helping customers in financial difficulty.

“The number of repossessions in 2017 as a whole is expected to be at a similar level, or slightly lower, than in 2016.”

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