Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q4 2019 was 25, 10.7% lower than in Q4 2018. The annual total of repossessions in this market fell to a record low of 98 in 2019.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to December 2019.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “Second charge mortgage providers are committed to helping consumers in financial difficulty, which is borne out by the low number of repossessions last year.”
“Any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
FLA Possessions
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 Q3 2019 Q4 2019
|
46 39 36 28
24 24 25 25 |
76.9% -2.5% 2.9% -26.3%
-47.8% -38.5% -30.6% -10.7%
|
1,612 1,467 864 827 6282 676 447 228 144 139
149
98 |
-9.0% -41.1% -4.3% -24.1%2 7.6%2 -33.9% -49.0% -36.8% -3.5%
7.2%
-34.2% |
