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Second charge repossessions fall by almost 50%


Second charge repossessions fall by almost 50%

Second charge mortgage repossessions are down by almost a half compared with the same period last year, according to figures released by the Finance & Leasing Association.

The report shows that repossessions were down 49.6% to 67 in the three months up to July - three less than in the first quarter of this year.

Fiona Hoyle, Head of Consumer Finance at the FLA, said: “The further decrease in repossessions reflects second charge mortgage lenders’ commitment to helping customers in financial difficulty.”

Second charge repossessions have been declining year-on-year since the third quarter of 2013.

Quarterly repossessions reached a high in 2010 when the figure hit 262 in Q1. 

Last year, a total of 447 repossessions were made. 





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