Second charge mortgage repossessions fall to record low – FLA

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  • 08/02/2018
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Second charge mortgage repossessions fall to record low – FLA
According to figures from the Finance and Leasing Association (FLA), the number of second charge mortgage repossessions in 2017 was 105 - 27% lower than in 2016.

 

There were 144 total repossessions in 2016, which fell consistently throughout 2017 to reach 105 repossessions.

Q4 2017 had 27 repossessions, down by almost 31% against the same period in the previous year.

In comparison, 2008 saw 1,612 second charge repossessions.

The rate of second charge mortgage repossessions as a percentage of average outstanding agreements has also fallen from 0.34% in 2009 to 0.06% in 2017.

Commenting on the figures, Fiona Hoyle (pictured), head of consumer and mortgage finance at the FLA, said: “Helping customers in financial difficulty to get back on track is a priority for the second charge mortgage market. This is reflected in the low number of repossessions reported in 2017.”

She continued: “If customers think they may experience payment difficulties, they should contact their lender at an early stage to explore alternative options. Lenders are committed to helping customers in financial difficulty and are willing to explore ways to help them manage their repayments more effectively.

“The sooner contact is made, the easier it is to find a solution,” Hoyle added.

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