Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2019 was 25, 30.1% lower than in the third quarter of 2018.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to September 2019.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said “The second charge mortgage market has reported lower levels of repossessions in each quarter so far in 2019. We expect the market to report a record low total for the year 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 Q3 2019
|
46 39 36 28
24 24 25
|
76.9% -2.5% 2.9% -26.3%
-47.8% -38.5% -30.1%
|
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%
|