Second charge repossessions down 36%

Second charge mortgage repossessions were down 35.7% in Q3 when compared to the same period last year, figures from the Finance & Leasing Association have found.

In the third quarter the FLA recorded 40 repossessions, down from 56 in quarter three 2015.

Repossession numbers still rose from 33 in Q4 2015 and 34 in Q1 2016.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The third quarter of 2016 saw further reductions in the number of second-charge mortgage repossessions, as lenders continued to settle into the FCA’s MCOB regime while also assisting customers with repayment difficulties.”

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About Ryan Fowler 614 Articles
Ryan Fowler is the editor of Specialist Finance Introducer