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Second-charge mortgage repossessions down almost 50% in Q3 2015

12 November 2015

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 55 in Q3 2015, down 48.6% on the same quarter in 2014.

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

“Second charge mortgage lenders continue to demonstrate appropriate forbearance in assisting customers in financial difficulty. With just Q4 remaining, the number of repossessions in 2015 as a whole is expected to be significantly lower than in 2014.”

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

 

2009 Total

 

2010 Total

 

Q1 2011

Q2 2011

Q3 2011

Q4 2011

 

Q1 2012

Q2 2012

Q3 2012

Q4 2012

 

Q1 2013

Q2 2013

Q3 2013

Q4 2013

 

Q1 2014

Q2 2014

Q3 2014

Q4 2014

 

Q1 2015

Q2 2015

Q3 2015

 

 

 

 

 

 

 

 

 

 

 

195

234

220

178

 

151

139

163

175

 

226

183

144

123

 

128

133

107

79

 

70

67

55

 

 

 

 

 

 

 

 

 

 

-25.6%

1.7%

3.8%

11.3%

 

-22.6%2

-40.6%2

-25.9%2

-1.7%2

 

49.7%2

31.7%2

-11.7%2

-29.7%2

 

-43.4%

-27.3%

-25.7%

-35.8%

 

-45.3%

-49.6%

-48.6%

1,612

 

1,467

 

864

 

 

 

 

827

 

 

 

 

628

 

 

 

 

676

 

 

 

 

447

 

 

 

-9.0%

 

-41.1%

 

 

 

 

-4.3%

 

 

 

 

-24.1%2

 

 

 

 

7.6%2

 

 

 

 

-33.9%

 

 

  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 £99.5 billion of new finance to UK businesses and households. £74.1 billion of this was in the form of consumer credit, representing 34% of all consumer credit in the UK.