Second charge mortgage repossessions fall to a record low

The number of second charge mortgage repossessions in 2017 was 105, 27% lower than in 2016, new figures released by the Finance & Leasing Association (FLA) have shown.

In the final quarter of 2017, the number of repossessions was 27, down by almost 31% compared with the same period in 2016.

The rate of second charge mortgage repossessions, as a percentage of average outstanding agreements, has fallen from 0.34% in 2009 to just 0.06% in 2017.

Commenting on the figures, FLA head of consumer and mortgage finance Fiona Hoyle said:

“Helping customers in financial difficulty to get back on track is a priority for the second charge mortgage market. This is reflected in the low number of repossessions reported in 2017.

“If customers think they may experience payment difficulties, they should contact their lender at an early stage to explore alternative options. The sooner contact is made, the easier it is to find a solution.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Is 2025 the year of the remortgage?
An estimated 1.8 million fixed rate mortgage deals are due to expire in 2025, 400,000 more than in 2024. This surge in remortgaging presents a critical opportunity for mortgage brokers to offer essential advice and financial support to homeowners across the UK, ensuring they transition smoothly to new deals amid stabilising interest rates and heightened affordability checks.


The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.

The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.