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Second charge repossessions climb 18%


Second charge repossessions climb 18 percent

Second charge mortgage repossessions soared during the last quarter of 2016, according to new figures from the Finance & Leasing Association (FLA).

A total of 39 properties were taken into possession by FLA second charge mortgage providers in Q4 2016, marking an 18.2% increase year-on-year.

This surge was in contrast to the decline shown earlier in the year whereby repossessions fell by over 40% in each of the three preceding quarters.

The latest figures bring the total annual repossessions to 144 in 2016, down 36.8% on the previous year (228) and reflecting a seizure rate of just 0.07% of outstanding agreements.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Supporting customers in financial difficulty remains a priority for the second charge mortgage market.

“This is reflected in the low number of repossessions reported in 2016.

“We expect the number of second charge mortgage repossessions in 2017 to be at a similar level to 2016.”




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