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Second charge repossessions tumble in Q4 2018: FLA

Data collected by the finance and leasing association shows that repossessions for second charge borrowers fell by 26.3 per cent in Q4 2018.

In the final quarter of last year, the number of repossessions stood at 28, down by just over a quarter from the same period in 2017.

In total, 136 properties were repossessed in 2017, following a steady decline since 2012, when 6,282 properties were repossessed.

However, the total number of properties repossessed in 2018 was higher, at 147 – 0.09 per cent of the number of outstanding agreements in that period.

FLA head of consumer and mortgage finance Fiona Hoyle comments: “The low number of repossessions in the market shows that lenders are committed to helping those in ‎financial difficulties.

“The sooner customers make contact, the easier it is to find a solution.”

This comes after the FLA released data that shows the second charge market is expanding on a yearly basis for the sixth month in a row, earlier this month.

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