In the final quarter of 2018, there was 28 second charge mortgage repossessions carried out, down by 26.3 per cent when compared to the same period a year earlier.
However, despite the drop, new figures published by the Finance & Leasing Association (FLA) revealed that the number of second charge repossessions in 2018 was 147, highlighting an 8.1% growth in the figure recorded in 2017.
The number of properties repossessed during the twelve months to December 2018 represents 0.09% of the number of outstanding agreements in that period.
Commenting on the figures, FLA head of consumer and mortgage finance Fiona Hoyle 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.”
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