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FLA report low levels of second charge mortgage repossessions

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FLA report low levels of second charge mortgage repossessions

Repossessions made by second-charge mortgage providers were down by 25.9 per cent in Q3 2012 compared with Q3 2011, according to the most recent figures released by the Finance & Leasing Association (FLA), the trade body for the second-charge mortgage market.


Fiona Hoyle, Head of Consumer Finance at the FLA said: "Lenders are continuing to do all they can to help homeowners in financial difficulties and this is reflected in the figures, with just 163 properties being taken into possession in the last quarter. 


“Individual borrowers have a responsibility too. Anyone facing financial difficulties should contact their lender as soon as possible so that they can work together to resolve the situation.”


 

FLA Possessions


Table 1: The number of actual properties taken into possession by FLA second mortgage providers(1)

 

1.  Possession proceedings arising from FLA members’ second mortgage books, which have led to actual possession by the second mortgage provider.


2.  The sample from Q1 2012 onwards is different to previous quarters because of a change to second mortgage providers in FLA membership. On a same sample basis, the number of possessions fell in Q3 2012 by 14.7 per cent compared with Q3 2011.

 

 

Quarter

 

Number of possessions

in the quarter

 

 

% change on the same quarter in the

 previous year

 

 

Annual total

 

% change on the previous year

 

 

Q1 2011

Q2 2011

Q3 2011

Q4 2011

 

Q1 2012

Q2 2012

Q3 2012

 

 

 

195

234

220

178

 

157

147

163

 

 

-25.6%

1.7%

3.8%

11.3%

 

-19.5%2

-37.2%2

-25.9%2

 

 

 

 

 

827

 

 

 

 

 

-4.3%


 

 




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