New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q4 2019 was 25, 10.7% lower than in Q4 2018. The annual total of repossessions in this market fell to a record low of 98 in 2019.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to December 2019.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “Second charge mortgage providers are committed to helping consumers in financial difficulty, which is borne out by the low number of repossessions last year.
“Any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”