Second charge mortgage repossessions 45.8% lower than Q1 2019

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2020 was 13, 45.8% lower than in Q1 2019. 

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to March 2020.

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

“The rate of second charge repossessions remains very low – just 0.06% in the twelve months to March 2020, and in line with FCA guidance, repossessions have not been taking place during the Coronavirus period.

“Any customer worried about meeting payments should contact their lender as help is available.”

FLA Possessions

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

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.

Note 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 2019, FLA members provided £140 billion of new finance to UK businesses and households. £105 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2019.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.