Second charge repossessions fall by almost 48%
The number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018, The Finance and Leasing Association (FLA) has found.
The rate of second charge mortgage repossessions, as a percentage of outstanding agreements, was 0.08% in the 12 months to March 2019.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Lenders are committed to helping customers in financial difficulty. Any customer worried about making payments should speak to their lender because the sooner contact is made, the easier it is to find a solution.
“We expect the number of possessions in 2019 to be at a similar level to 2018.”