Second charge repossessions fall by almost 48% in Q1 2019

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018.

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.

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

“Lenders are committed to helping customers in financial difficulty. Any customer worried about making payments should speak to their lender because the sooner contact is made, the easier it is to find a solution. 

“We expect the number of possessions in 2019 to be at a similar level to 2018.” 

 FLA Possessions

 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.

 Note 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 2018, FLA members provided £137 billion of new finance to UK businesses and households. £104 billion of this was in the form of consumer credit, representing more than a third of total new consumer credit written in the UK in 2018.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.