Second charge repossessions have fallen

Fri, 11 Nov 2011

The number of second charge mortgage repossessions in the UK is on the decrease, new research has shown.

According to figures from the Finance and Leasing Association, the levels for 2011 so far have reached 649, an amount that is 7.8 per cent lower than that recorded during the same period last year.

Despite this, the findings revealed the amount escalated by 3.8 per cent across the third quarter of this year when compared with that witnessed through the same three-month spell in 2011.

In all, second charge mortgage providers took 220 homes into their possession between July and September this year.

With this in mind, the FLA predicted these instances would amount to fewer than 900 by the end of 2011.

Fiona Hoyle, head of consumer finance at the organisation - which was formed in 1992 as a result of the merger between the Equipment Leasing Association and the Finances House Association - noted: "Repossessions levels are similar to last year's, with a slight increase over the last two quarters, following seven quarters of falling repossessions levels."

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