Finance & Leasing Association8 November 2018
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2018 was 36, 5.9% higher than in the same quarter in 2017.
The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2018 was 0.09%.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:
“The latest figures show that the number of second charge mortgage repossessions remained low in the third quarter, and market expectations are for this to continue in the final quarter of 2018.
“If a customer is concerned about meeting payments they should speak to their lender as soon as possible to find a solution.”
FLA Possessions
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 Q2 2018 Q3 2018
|
128 133 107 79
72 67 56 33
34 40 31 39
25 39 34 38
45 38 36 |
-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%
80.0% -2.6% 5.9% |
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%
|
- 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.
