15 August 2018
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2018 was 38, 2.6% lower than in the same quarter in 2017.
The annual rate of second charge mortgage repossessions (as a percentage of average outstanding agreements) in the twelve months to June 2018 was 0.09%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The latest figures show that the number of second charge mortgage repossessions remained low in the second quarter, and market expectations are for this to continue in the second half of 2018.
“If a customer is concerned about meeting payments they should speak to their lender as soon as possible to find a solution.”
FLA Possessions
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
Q2 2018
128
133
107
79
72
67
56
33
34
40
31
39
25
39
34
38
46
38
-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%
-2.6%
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.Note to editors:
FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.In 2017, FLA members provided £128 billion of new finance to UK businesses and households. £96 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2017.For media enquiries, please contact the FLA press office on 020 7420 9656.
Tag: Financial Results
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