There were 13 second charge mortgage repossessions in the first quarter of 2020, a figure 45.8% lower than the first quarter of 2019, new figures released by the Finance & Leasing Association (FLA) have revealed.
The rate of second charge mortgage repossessions – as a percentage of outstanding agreements – was 0.06% in the twelve months to March.
In 2019, FLA’s figures show it recorded 24 properties taken into possession by FLA second charge mortgage providers in the first quarter of 2019, followed by another 24 in the second quarter, 27 in the third, and 26 in the final quarter of the year, to bring the total for 2019 to 101 properties.
FLA head of consumer and mortgage finance, Fiona Hoyle, said: “The rate of second charge repossessions remains very low – just 0.06% in the twelve months to March 2020, and in line with FCA guidance, repossessions have not been taking place during the coronavirus period.
“Any customer worried about meeting payments should contact their lender as help is available.”
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