New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017.

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

Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base.  We expect the number of repossessions in this market to remain low in 2018 as a whole.”

“As always, 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.”

Table 1: New second charge mortgage lending

 

Mar2018

% change on prev. year

3 months to Mar2018

% change on prev. year

12 months to Mar2018

% change on prev. year

Value of new business (£m)

86

-10

244

0

1,023

+15

Number of new agreements (No.)

1,826

-13

5,213

+1

22,007

+11