Second charge repossessions continue to fall

House-Keys-Mortgage-Estate-Agent-700.jpgRepossessions by second-charge mortgage lenders have fallen by nearly 36 per cent in the third quarter compared to the same time last year.

The statistics released today by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Q3 2016 was 36, down from 56 in the same quarter of 2015.

The latest quarterly figure brings the total so far this year to 110, whereas by the end of Q3 last year there had already been 195 repossessions.

The annual total has been steadily decreasing since 2008, although 2011 went against the trend with a slight increase.

In 2008 there were 1,612 second charge repossessions by the end of the year, while in 2015 there were just 228.

FLA head of consumer and mortgage finance Fiona Hoyle says: “The third quarter of 2016 saw further reductions in the number of second-charge mortgage repossessions, as lenders continued to settle into the FCA’s MCOB regime while also assisting customers with repayment difficulties.

“With just Q4 remaining, we expect the number of repossessions in 2016 as a whole to be lower than in 2015.”