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Second charge repossessions fell by nearly a half in 2015


Second charge repossessions fell by nearly a half in 2015

Second charge mortgage repossessions fell to a seven-year low in 2015, according to figures released by the Finance & Leasing Association (FLA).

The association reported 228 repossessions last year compared with 447 in 2014, a 49% decrease.

The FLA said the rate of second charge mortgage repossessions, as a percentage of average outstanding agreements, has fallen from 0.34% in 2009 to just 0.1% in 2015.

Fiona Hoyle, Head of Consumer and Mortgage Finance, said: “Repossessions fell by 49% in 2015 as a whole, as second charge mortgage providers continue to do everything possible to help customers who are struggling with their finances.

“Second charge lenders are putting the finishing touches to systems changes, as they prepare to implement the Mortgage Credit Directive and MCOB (Mortgage Conduct of Business) ahead of the 21 March 2016 deadline. A huge amount of work has been completed to extremely challenging deadlines.”

In 2015, new business growth in the second charge mortgage market grew 34% in value to £844m, the fourth straight year of growth.

Although new business hit its highest annual level since 2008, it remains significantly below pre-crisis levels, when it peaked at over £5bn in value. 





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