In the final quarter of 2018 there were 28 second charge repossessions, down by 26.3% compared to the same period in 2017, The Finance and Leasing Association (FLA), has found.

The number of second charge repossessions in 2018 was 147, 8.1% more than in 2017.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The low number of repossessions in the market shows that lenders are committed to helping those in ‎financial difficulties.

“The sooner customers make contact, the easier it is to find a solution.”

The number of properties repossessed during the 12 months to December 2018 represents 0.09% of the number of outstanding agreements in that period.