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Second-charge mortgage repossessions down almost 50% in Q2 2015

13 August 2015

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions fell 49.6% in Q2 2015, compared with the same period last year.

Commenting on the figures, Fiona Hoyle, Head of Consumer Finance at the FLA, said:

“The further decrease in repossessions reflects second charge mortgage lenders’ commitment to helping customers in financial difficulty.”

Table 1: The number of actual properties taken into possession by FLA second charge mortgage providers1

Time period

Number of possessions
in the quarter

% change on the same quarter in the previous year

Annual total % change on the previous year
2008 Total 1,612
2009 Total 1,467 -9.0%
Q1 2010 262

-33.7%

Q2 2010 230 -45.8%
Q3 2010 212 -48.7%
Q4 2010 160 -31.9% 864 -41.1%
Q1 2011 195

-25.6%

Q2 2011 234 1.7%
Q3 2011 220 3.8%
Q4 2011 178 11.3% 827 -4.3%
Q1 2012 151

-22.6%2

Q2 2012 139 -40.6%2
Q3 2012 163 -25.9%2
Q4 2012 175 -1.7%2 628 -24.1%2
Q1 2013 226

49.7%2

Q2 2013 183 31.7%2
Q3 2013 144 -11.7%2
Q4 2013 123 -29.7%2 676 7.6%2
Q1 2014 128

-43.4%

Q2 2014 133 -27.3%
Q3 2014 107 -25.7%
Q4 2014 79 -35.8% 447 -33.9%
Q1 2015 70 -45.3%
Q2 2015 67 -49.6%
  1. Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.
  2. There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.

Notes to Editors

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  2. In 2014, FLA members provided £100 billion of new finance to UK businesses and households. £74 billion of this was in the form of consumer credit representing almost a third of total new consumer credit written in the UK last year.