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Second charge repossessions drop rapidly

There were 24 second charge mortgage repossessions in Q2 2019, 38.5% fewer year-on-year, the Finance & Leasing Association has found.

The rate of second charge mortgage repossessions as a percentage of outstanding agreements was 0.07% in the 12 months to June 2019.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first half of 2019 has seen a significant fall in the number of second charge mortgage repossessions and our current forecasts suggest a record low total in 2019 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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