Second charge mortgage repossessions remain low in Q3 2018
The number of second charge mortgage repossessions in Q3 2018 was 36, the lowest since the same quarter last year, where there were 34, the Finance & Leasing Association has found.
In Q2 there were 38, Q1 45 and Q4 last year 38. Meanwhile the annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2018 was 0.09%.
Matt Tristram, co-founder of Loans Warehouse & Clearly Loans, said: “The latest figures show the impact of regulation and the positive way the second charge market has adapted and changed to continue to improve itself whilst still continuing to grow.”
Fiona Hoyle, head of consumer and mortgage finance at the FLA, added: “The latest figures show that the number of second charge mortgage repossessions remained low in the third quarter, and market expectations are for this to continue in the final quarter of 2018.
“If a customer is concerned about meeting payments they should speak to their lender as soon as possible to find a solution.”