Seconds repossession rate falls year-on-year
The rate of second charge mortgage repossessions fell by 10% year-on-year to 0.06% in the second quarter of 2017, data from the Finance & Leasing Association shows.
This compares to a repossession rate of 0.08% in the second quarter of 2016.
However the number of repossessions more than doubled from the first quarter of this year, from 17 to 36.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The latest figures show that the number of second charge mortgage repossessions in the first half of 2017 fell to a new half-year low.
“Lenders remain committed to helping those in financial difficulty and exploring options to help customers manage their repayments more effectively.”