14 May 2015
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions fell 45.3% in Q1 2015, compared with the same period last year.
Commenting on the figures, Fiona Hoyle, Head of Consumer Credit at the FLA, said:
“Second charge repossessions are continuing to fall as second charge lenders continue to do all they can to help customers in financial difficulty.”
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 previous year|
- 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.