13 November 2014
Figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 107 in Q3 2014, down 25.7% on the same quarter in the previous year.
Commenting on the figures, Fiona Hoyle, Head of Consumer Finance at the FLA, said:
“These figures show that second charge lenders remain committed to helping customers with repayment problems. The FLA has also worked with the regulator to allow first and second lenders to share information in repossession cases, to avoid customers facing duplicate costs and uncertainty.”
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 Q1 2010 Q2 2010 Q3 2010 Q4 2010
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
|
262 230 212 160
195 234 220 178
151 139 163 175
226 183 144 123
128 133 107 |
-33.7% -45.8% -48.7% -31.9%
-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%
|
1,612 1,467
864
827
628
676
|
-9.0% -41.1% -4.3% -24.1%2 7.6%2
|
- Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.
- There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.