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Second charge mortgage repossessions fall 40%

Second charge mortgage repossessions fall 40%

Second charge mortgage repossessions fell by 40.3% during the second quarter of 2016, according to research from the Finance & Leasing Association (FLA).

The FLA revealed that there were only 40 second charge mortgage repossessions arising from its members’ loans books during Q2 2016, down from 67 in the same period last year.

Furthermore, 139 properties were repossessed during the first half of the 2015, while this number has fallen to just 74 this year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Second-charge mortgage providers continued to support customers in financial difficulty in the second quarter of 2016, while meeting the demands arising from the implementation of new systems following the market’s move to the FCA’s mortgage regime in late March.”

The decline continues a trend whereby second charge mortgage repossessions by FLA members fell by 66.3% between 2013 and 2015.

FLA members in the consumer finance sector include banks, credit card providers and second charge mortgage lenders.

In 2015, FLA members provided £110bn of new finance to UK businesses and households, of which £81bn was in the form of consumer credit. 

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