Second charge mortgage repossessions fall by 10%

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2017 was 36, 10% lower than in the same quarter in 2016.

The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q2 2017 was 0.06%, down from 0.08% at the same time in 2016

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

“The latest figures show that the number of second charge mortgage repossessions in the first half of 2017 fell to a new half-year low.

“Lenders remain committed to helping those in financial difficulty and exploring options to help customers manage their repayments more effectively.”

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.

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 2016, FLA members provided £118 billion of new finance to UK businesses and households. £88 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2016.
3. For media queries, please contact the FLA press office on 020 7420 9656.