10 May
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2018 was 46, up from 25 in the first quarter of 2017.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the twelve months to March 2018.
Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said:
“The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base. We expect the number of repossessions in this market to remain low in 2018 as a whole.
“As always, 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.”
Table 1: The number of actual properties taken into possession by FLA second charge mortgage providers1
Time period
Number of possessions in the quarter
% change on the same quarter in the previous year
Annual total
% change on the previous year
2008 Total
2009 Total
2010 Total
2011 Total
2012 Total
2013 Total
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
128
133
107
79
72
67
56
33
34
40
31
39
25
39
34
38
46
-43.4%
-27.3%
-25.7%
-35.8%
-43.8%
-49.6%
-47.7%
-58.2%
-52.8%
-40.3%
-44.6%
18.2%
-26.5%
-2.5%
9.7%
-2.6%
84.0%
1,612
1,467
864
827
6282
676
447
228
144
136
-9.0%
-41.1%
-4.3%
-24.1%2
7.6%2
-33.9%
-49.0%
-36.8%
-4.9%
Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.Figures for 2017 have been revised since the previous issue.