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Second charge mortgage repossessions fall as new business rises
New second charge mortgage business grew 8% by value and 15% by volume in March compared with the same period last year, according to the Finance & Leasing Association (FLA).
However, in the 12 months to March 2017, the total amount of new second charge mortgage business fell 3% by value and 9% by volume compared with the same period in the previous year.
Last month, the FLA announced that new second charge mortgage lending rose 10% in February to £76m.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has faced significant change since transferring into the FCA’s mortgage regime in March 2016.
“The strong performance in March 2017 – the first month that new business volumes have grown since August 2016 – could be the early signs of a return to form for this important market.”
Buster Tolfree, commercial director for mortgages at United Trust Bank, added: “This growth is fantastic news for the whole second charge mortgage market.
“The last quarter’s year-on-year results were highly misleading due to the distortion associated with the implementation of the Mortgage Credit Directive in Q1 2016.
"We are now past that statistical bubble and moving forwards we will begin to see more “real-life” volume and growth figures."
The FLA data also revealed a fall in the number of second charge mortgage repossessions, which decreased by 50% in the first quarter of 2017 to 17 compared with the same period last year.
Fiona said: “The number of second charge mortgage repossessions fell again in the first three months of this year, as lenders continued to support customers experiencing repayment difficulties.”
The number of repossession in 2016, was the lowest annual figure in the last eight years.
The FLA has partnered with the UK Cards Association and the University of Bristol to launch ‘Vulnerability: A Guide for Debt Collection’.
The guide sets out best practice for ensuring customers get prompt and practical help when they need it most.
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