Second charge mortgage repossessions fall
The mortgages – also known as secured loans – are taken out on top of an existing mortgage
Second charge mortgage repossessions fell by 30% in the third quarter of 2019, compared to the same period in 2018, according to the Finance & Leasing Association (FLA).
It said there were 25 repossessions in quarter three, taking the rate of second charge mortgage repossessions (as a percentage of outstanding agreements) to 0.06% in the 12 months to September 2019.
Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The second charge mortgage market has reported lower levels of repossessions in each quarter so far in 2019. We expect the market to report a record low total for the year as a whole.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
The figures are in stark contrast to the recently published repossession figures in the mainstream first charge mortgage market – which rose sharply by 19% in the the third quarter, as we reported in Repossessions rocket 19% as arrears stay low.