FLA: Seconds repossessions down 37% in 2016
Second charge repossessions fell by 37% in 2016 with just 144 cases, data from the Finance & Leasing Association has found.
The rate of repossessions has fallen from 0.34% of mortgages in 2009 to 0.07% in 2016.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Supporting customers in financial difficulty remains a priority for the second charge mortgage market. This is reflected in the low number of repossessions reported in 2016.
“We expect the number of second charge mortgage repossessions in 2017 to be at a similar level to 2016.”
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