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Second charge mortgage repossessions down 27%
Second charge mortgage repossessions in 2017 were 27% lower than in 2016, according to the latest figures from the Finance & Leasing Association (FLA).
During 2017, 105 properties were taken into possession by FLA second charge mortgage providers, compared with 144 in 2016.
The FLA also revealed that during Q4 2017 there were 27 repossessions, down by almost 31% compared with the same period in the previous year (Q4 2016: 39).
The rate of second charge mortgage repossessions – as a percentage of average outstanding agreements – has fallen from 0.34% in 2009 to just 0.06% in 2017.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said that helping customers in financial difficulty to get back on track was a priority for the second charge mortgage market.
“This is reflected in the low number of repossessions reported in 2017.
“If customers think they may experience payment difficulties, they should contact their lender at an early stage to explore alternative options.
“The sooner contact is made, the easier it is to find a solution.”
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