New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2018 was 38, 2.6% lower than in the same quarter in 2017.

The annual rate of second charge mortgage repossessions (as a percentage of average outstanding agreements) in the twelve months to June 2018 was 0.09%.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The latest figures show that the number of second charge mortgage repossessions remained low in the second quarter, and market expectations are for this to continue in the second half 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

128

133

107

79

72

67

56

33

34

40

31

39

25

39

34

38

46

38

-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%

84.0%

-2.6%

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%