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FLA: Second charge repossessions fall by 30%

There number of second charge mortgage repossessions in Q3 dropped by 30.1% from year-on-year to 25, the Finance & Leasing Association (FLA) has found.

The rate of second charge mortgage repossessions as a percentage of outstanding agreements was 0.06% in the 12 months to September.

Geraldine Kilkelly, head of research and chief economist at the FLA, 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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