Second charge repossessions down 26.3% in Q4 2018

Written by Oliver Wade

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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