Just 13 second charge repossessions in Q1

Just 13 second charge repossessions in Q1

 

In the first three months of the year, 13 repossessions occurred.

In the previous quarter 26 properties were repossessed by second charge mortgage lenders, and 101 homes were foreclosed in total during 2019.

The rate of second charge mortgage repossessions, as a percentage of outstanding agreements, was 0.06 per cent in the twelve months to March 2020.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The rate of second charge repossessions remains very low and in line with Financial Conduct Authority (FCA) guidance, repossessions have not been taking place during the coronavirus period.

“Any customer worried about meeting payments should contact their lender as help is available.”