News Article

Consumer Credit

Second charge mortgages repossessions at 6-year low

By CreditMan Thursday, February 12, 2015

Figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions was 447 in 2014, the lowest level for at least 6 years. In the final quarter of 2014, the number of repossessions was 79, down 35.8% compared with the same quarter in 2013.

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

“The continued fall in repossessions is due in no small part to the commitment of second charge mortgage lenders to helping customers deal with financial difficulty.”