Second charge repossessions on course for record low – FLA

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  • 08/08/2019
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Second charge repossessions on course for record low – FLA
Figures from the Finance and Leasing Association (FLA) show just 24 second charge repossessions were completed in the second quarter of 2019.

 

The figure was the same as in the first three months of 2019 and down 38.5 per cent on the 39 from April to June 2018.

The rate of second charge mortgage repossessions as a percentage of outstanding agreements was 0.07 per cent in the twelve months to June 2019.

Trade bodies and other industry representatives have warned about the potential for rising repossessions in the mortgage markets.

However, the second charge sector appears to be seeing levels continue to remain at very low levels.

In 2015 there were 228 repossessions, this fell to 144 in 2016, hit 139 in 2017 and remained at 149 in 2018.

FLA members are now on course to repossess just 96 properties in 2019.

Commenting on the figures, Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first half of 2019 has seen a significant fall in the number of second charge mortgage repossessions and our current forecasts suggest a record low total in 2019 as a whole.

“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

 

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