Figures released 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

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

128

133

107

79

72

67

56

33

34

40

31

39

17

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%

-50.0%

-10.0%

1,612

1,467

864

827

6282

676

447

228

144

-9.0%

-41.1%

-4.3%

-24.1%2

7.6%2

-33.9%

-49.0%

-36.8%