Second charge repossessions down 10% in Q2: FLA

The number of second charge mortgage repossessions fell in the second quarter, down 10 per cent on the same period last year, Finance and Leasing Association figures have found.

However, the number of repossessions in Q2 of this year was up on Q1, from 17 to 36.

The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q2 this year was 0.06 per cent, down from 0.08 per cent at the same time in 2016.

Commenting on the figures, Fiona Hoyle, head of consumer and mortgage finance at the FLA, says: “The latest figures show that the number of second charge mortgage repossessions in the first half of 2017 fell to a new half-year low.

“Lenders remain committed to helping those in financial difficulty and exploring options to help customers manage their repayments more effectively.”