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FLA confirms 24% second charge repossession drop

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FLA confirms 24% second charge repossession drop

The Finance and Leasing Association (FLA) has announced that second charge lenders repossessed almost a quarter fewer properties in 2012 than in the previous year.

Second charge lenders repossessed 24.1 per cent fewer properties in 2012 than in 2011, continuing a positive trend seen in previous years, according to the latest figures released by the Finance & Leasing Association (FLA).

The trade body reported that over the course of 2012, 628 properties were repossessed by secured loan providers after debts on FLA members’ second charge mortgage books entered into possession proceedings.

The year’s total marks a fall of 199 properties, or 24.1 per cent, when compared with the same figures recorded in 2011.

Repossessions in the second quarter of the year showed the largest seasonal reduction, with 40.6 per cent fewer properties on FLA lender members’ books recorded as foreclosed.

The statistics match figures released by the Council of Mortgage Lenders (CML) earlier today, which confirmed that first-charge residential mortgages which resulted in repossessions have fallen from 8,200 in the third quarter to 7,700 to the fourth quarter of 2012.

The CML also reported that an annual repossession rate of 0.3 per cent meant that foreclosed properties were at their lowest annual level in 2012 since 2007, with only 33,900 instances of lenders taking control of security properties.

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

Fiona Hoyle, Head of Consumer Finance at the FLA, said: “2012 saw a further fall in the number of repossessions made by second charge mortgage providers.  We expect repossessions in 2013 to be at a similar level to last year. 

“If customers are experiencing difficulties with meeting their repayments, they should contact their lender to discuss the situation.  As always, repossession is a measure of last resort used only after all other measures have failed.”

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