Second charge repossessions fall

New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2019 was 24, 38.5% lower than in the second quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.07% in the twelve months to June 2019.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The first half of 2019 has seen a significant fall in the number of second charge mortgage repossessions and our current forecasts suggest a record low total in 2019 as a whole.”

“As always, any customer worried about meeting payments 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 2014 Total 2015 Total 2016 Total 2017 Total Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019	46 39 36 28   24 24	76.9% -2.5% 2.9% -26.3%   -47.8% -38.5%	1,612 1,467 864 827 6282 676 447 228 144 139   149	-9.0% -41.1% -4.3% -24.1%2 7.6%2 -33.9% -49.0% -36.8% -3.5%   7.2%

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.