Second charge mortgage repossessions fall by 30% in third quarter

There were 25 second charge mortgage repossessions in the third quarter of 2019, reflecting a 30.1% drop from the number recorded in Q3 2018, new figures published 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 September 2019.

Commenting on the latest figures, FLA head of research and chief economist, Geraldine Kilkelly, said: “The second charge mortgage market has reported lower levels of repossessions in each quarter so far in 2019. We expect the market to report a record low total for the year as a whole.

“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

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