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Second charge repossessions fall by nearly 40%

Figures from the Finance & Leasing Association show that second charge mortgage repossessions came to 24 in the second quarter of this year.

This represents a 38.5 per cent drop than was recorded in Q2 2018.

There were 149 repossessions of properties held under this category of mortgage in 2018 – 85 of them having occurred in the first half of the year.

In the first half of 2019, there have been 48 repossessions.

FLA head of research and chief economist Geraldine Kilkelly says: “The first half of 2019 has seen a significant fall in the number of second charge mortgage repossessions and our current forecasts suggest a record low total in 2019 as a whole.”

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