Second-charge repossessions down 12.8% year-on-year
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The total number of second-charge mortgage repossessions so far this year is 429, 12.8% lower than in the first six months of 2010, shows the latest figures from the Finance & Leasing Association.
The FLA forecast for 2011 is for fewer than 900 repossessions.
However the number of second-charge mortgage repossessions increased by 1.7% in the second quarter of the year, the first year-on year increase since Q2 2009.
But the figure for the first two quarters taken together remains lower than in 2010 or 2009.
Fiona Hoyle, head of consumer finance at the FLA, says: “Lenders continue to make every effort to avoid repossession by working with their customers to agree repayment plans. Although the second quarter saw a slight increase compared with last year, we are continuing to forecast a total for the year similar to last year.”
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