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|Second-charge mortgage repossessions down almost 37% in 2016|
|Thursday, 09 February 2017|
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 144 in 2016, almost 37% lower than in 2015. In the final quarter of 2016, the number of repossessions was 39, up by 18% compared with the same quarter in 2015.
The rate of second-charge mortgage repossessions, as a percentage of average outstanding agreements, has fallen from 0.34% in 2009 to just 0.07% in 2016.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “Supporting customers in financial difficulty remains a priority for the second charge mortgage market. This is reflected in the low number of repossessions reported in 2016.
“We expect the number of second charge mortgage repossessions in 2017 to be at a similar level to 2016.”
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