Finance & Leasing Association12 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%
|
- 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.
Notes to Editors
- 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.
- 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.
