Finance & Leasing Association14 November 2019
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2019 was 25, 30.1% lower than in the third quarter of 2018.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to September 2019.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The second charge mortgage market has reported lower levels of repossessions in each quarter so far in 2019. We expect the market to report a record low total for the year as a whole.
“As always, any customer worried about meeting payments 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
2014 Total
2015 Total
2016 Total
2017 Total
Q1 2018 Q2 2018 Q3 2018 Q4 2018
Q1 2019 Q2 2019 Q3 2019
|
46 39 36 28
24 24 25
|
76.9% -2.5% 2.9% -26.3%
-47.8% -38.5% -30.1%
|
1,612
1,467
864
827
6282
676
447
228
144
139
149
|
-9.0%
-41.1%
-4.3%
-24.1%2
7.6%2
-33.9%
-49.0%
-36.8%
-3.5%
7.2%
|
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.
