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.