New figures released today by the Finance & Leasing Association show that the number of second charge mortgage possessions in Q3 2013 was 144, 11.7% lower than in the same quarter in 2012.
This has led to a lower forecast of between 700 and 750 for the total number of second charge mortgage possessions by FLA members this year.
Commenting, Geraldine Kilkelly, chief economist at the FLA, said: “The Q3 results mean that the rate of possession fell to its lowest level in a year, at 0.05% of outstanding second charge mortgage contracts.
“FLA members are continuing to do all they can to help customers in financial difficulty remain in their homes. This week’s lower than expected inflation and unemployment rates should provide some further relief by easing the pressures on household incomes.”