Second charge mortgage repossessions fall by 10%

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%