Second charge mortgage repossessions fall by a quarter
09 November, 2017
category: Second Charge, Secured
The number of second charge mortgage repossessions fell by a quarter (25.8%) in the third quarter of 2017 from the corresponding period of 2016.
There were 23 repossessions in Q3 2017, down from 31 in Q3 2016.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The fall in second charge mortgage repossessions in Q3 further demonstrates lenders’ commitment to helping customers in financial difficulty.
“The number of repossessions in 2017 as a whole is expected to be at a similar level, or slightly lower, than in 2016.”
The annual rate of second charge mortgage repossessions stands at 0.06% at the end of Q3 2017, down from 0.07% at the same time in 2016.
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