Second charge mortgage repossessions down in 2011

Tue, 16 Aug 2011

The number of second charge mortgage repossessions was down in the first six months of 2011, new figures show.

According to the data from the Finance and Leasing Association (FLA), the total number of repossessions in the first half of the year was 429 - 12.8 per cent than the same period in 2010.

It is now believed that there will be fewer than 900 repossessions in 2011, despite a 1.7 per cent year-on-year rise in the second quarter, which had the highest number of repossessions in a three-month period since the Q1 2010.

FLA head of consumer finance Fiona Hoyle explained that banks are keen to help customers work through their problems for the benefit of all involved.

"Lenders continue to make every effort to avoid repossession by working with their customers to agree repayment plans.

"Although the second quarter saw a slight increase compared with last year, we are continuing to forecast a total for the year similar to last year."

Meanwhile, the Citizens Advice Bureau recently published some advice for those worried about repossession, suggesting that mortgage repayments should be the top priority for homeowners.

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