Second charge repossessions remain low
The total number of second charge mortgage repossessions so far this year is 649, 7.8% lower than in the same period in 2010, report the Finance & Leasing Association.
Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in C:\inetpub\wwwroot\2025.financialreporter.co.uk\htdocs\templates\front-end\partials\article_blockquote.php on line 2
The FLA forecasts fewer than 900 repossessions by second charge mortgage providers by the end of 2011.
Fiona Hoyle, Head of Consumer Finance at the FLA, said:
"Repossessions levels are similar to last year's, with a slight increase over the last two quarters, following seven quarters of falling repossessions levels.
"Lenders continue to work with their borrowers to sort out repayment plans and ensure that repossession remains the last resort."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Lloyds
Lloyds Banking Group launches £5,000 deposit mortgage
Mortgage Rates
Barclays relaunches sub-4% mortgage rate
Bank Of England
Bank of England holds interest rates at 3.75% in 8-1 vote
FCA
FCA bans and fines director £755,000 for advice and insurance failures
Mortgages
Mortgage affordability at tightest level since 2008: UK Finance
Nationwide
Nationwide cuts mortgage rates by up to 0.36%
