FLA: Second charge mortgage repossessions 45.8% lower than Q1

Ryan Fowler

May 14, 2020

The number of second charge mortgage repossessions in Q1 2020 was 13, 45.8% lower than in Q1 2019, according to the latest figures from the Finance & Leasing Association (FLA).

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the 12 months to March 2020.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The rate of second charge repossessions remains very low – just 0.06% in the twelve months to March 2020, and in line with FCA guidance, repossessions have not been taking place during the coronavirus period.

“Any customer worried about meeting payments should contact their lender as help is available.”

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