Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The low number of repossessions in the market shows that lenders are committed to helping those in financial difficulties."
In the final quarter of 2018 there were 28second chargerepossessions, down by 26.3% compared to the same period in 2017, The Finance and Leasing Association (FLA), has found.
The number of second charge repossessions in 2018 was 147, 8.1%morethan in 2017.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “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.”
The number of properties repossessed during the12months to December 2018 represents 0.09% of the number of outstanding agreements in that period.
