Second-charge mortgage repossessions down 40%
The number of second-charge mortgage repossessions in second quarter of 2016 was down 40.3% year-on-year, Finance and Leasing Association figures have shown.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, pointed out the key role of second charges following the implementation of the Mortgage Credit Directive back in March.
She said: “Second-charge mortgage providers continued to support customers in financial difficulty in the second quarter of 2016, while meeting the demands arising from the implementation of new systems following the market’s move to the FCA’s mortgage regime in late March.”
The FLA was formed in 1992 and is the leading trade body for the asset, consumer and motor finance sectors in the UK.