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Bank Lending

New low for second charge mortgage repossessions

By CreditMan Thursday, November 13, 2014

Figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 107 in Q3 2014, down 25.7% on the same quarter in the previous year.

Commenting on the figures, Fiona Hoyle, Head of Consumer Finance at the FLA, said:

“These figures show that second charge lenders remain committed to helping customers with repayment problems. The FLA has also worked with the regulator to allow first and second lenders to share information in repossession cases, to avoid customers facing duplicate costs and uncertainty.”