Second charge repossessions down 36%

Ryan Bembridge

November 10, 2016

Second charge mortgage repossessions were 35.7% lower in Q3 2016 compared to the same quarter of 2015, figures from the Finance & Leasing Association have found.

In the third quarter the FLA recorded 40 repossessions, down from 56 in Q3 2015.

Repossession numbers still rose from 33 in Q4 2015 and 34 in Q1 2016.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “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.”

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