Second charge repossessions down by over half

The number of second charge mortgage repossessions in Q1 2016 was 34, down 52.8% on the same quarter in 2015, new figures released today by the Finance & Leasing Association show.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The first quarter of this year saw another significant drop in second charge repossessions, further demonstrating lenders’ efforts to help customers in financial difficulty.

“Second charge lenders have more flexibility on how they can assist customers with repayment problems, now that they are regulated by the FCA’s mortgage rules. The previous Consumer Credit Act regime was much more restrictive.”

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Ryan Fowler is the editor of Specialist Finance Introducer