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Second charge mortgage repossessions remain low

10 May

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017.

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the twelve months to March 2018.

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

“The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base.  We expect the number of repossessions in this market to remain low in 2018 as a whole.

“As always, any customer worried about making payments should speak to their lender, because the sooner contact is made, the easier it is to find a solution.”

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

 

2011 Total

 

2012 Total

 

2013 Total

 

Q1 2014

Q2 2014

Q3 2014

Q4 2014

 

Q1 2015

Q2 2015

Q3 2015

Q4 2015

 

Q1 2016

Q2 2016

Q3 2016

Q4 2016

 

Q1 2017

Q2 2017

Q3 2017

Q4 2017

 

Q1 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

128

133

107

79

 

72

67

56

33

 

34

40

31

39

 

25

39

34

38

 

46

 

 

 

 

 

 

 

 

 

 

 

 

-43.4%

-27.3%

-25.7%

-35.8%

 

-43.8%

-49.6%

-47.7%

-58.2%

 

-52.8%

-40.3%

-44.6%

18.2%

 

-26.5%

-2.5%

9.7%

-2.6%

 

84.0%

1,612

 

1,467

 

864

 

827

 

6282

 

676

 

 

 

 

447

 

 

 

 

228

 

 

 

 

144

 

 

 

 

136

 

 

 

 

-9.0%

 

-41.1%

 

-4.3%

 

-24.1%2

 

7.6%2

 

 

 

 

-33.9%

 

 

 

 

-49.0%

 

 

 

 

-36.8%

 

 

 

 

-4.9%

 

 

 

  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.
  3. Figures for 2017 have been revised since the previous issue.