Second charge mortgage repossessions remain low

Michael Lloyd

May 10, 2018

The number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017 and 38 in Q4 2017, figures from the Finance & Leasing Association (FLA) showed.

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the 12 months to March 2018.

In 2017, however, there were 136 second charge mortgage repossessions overall, a rise from 144 in 2016.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base. We expect the number of repossessions in this market to remain low in 2018 as a whole.

“As always, any customer worried about making payments should speak to their lender, because the sooner contact is made, the easier it is to find a solution.”

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