Second-charge mortgage repossessions fall by 50% in Q1
The number of second-charge mortgage repossessions fell to 17 in Q1 2017 – down by 50% compared with the same quarter in 2016, according to the latest figures from the Finance & Leasing Association.
"Second-charge mortgage repossessions fell again in the first three months of this year, as lenders continued to support customers experiencing repayment difficulties."
Repossessions now stand at a record low, falling from 34 in Q1 2016 and 39 in Q4 2016.
Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “The number of second-charge mortgage repossessions fell again in the first three months of this year, as lenders continued to support customers experiencing repayment difficulties.
“Together with the UK Cards Association and the University of Bristol, the FLA has launched Vulnerability: A Guide for Debt Collection, which sets out best practice for ensuring customers get prompt and practical help when they need it most”.
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