Second charge repossessions drop 43% in Q1
Figures released by the Finance & Leasing Association show a 43.4% fall in second-charge mortgage repossessions in Q1 2014, compared with the same period last year.
There were just 128 properties taken into possession by FLA second charge mortgage providers in the first quarter of 2014, down from 226 in Q1 2013.
The number of possessions remains similar to Q4 2013, when 123 were recorded. In 2013 there were 676 repossessions in total, much lower than those of 2008 and 2009s, with 1,612 and 1,467 respectively.
Geraldine Kilkelly, head of research and chief economist at the FLA, said:
"The rate of repossessions in this market remains low at 0.049%, reinforcing lenders’ commitment to helping customers in financial difficulty and to taking repossession action only as a last resort.
"The forecast for 2014 as a whole suggests that repossessions will be at a similar level to 2013."
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Budget
Budget: Government confirms details of 2.5% deposit first-time buyer scheme
State Pension
Budget: Government confirms state pension tax protection
FCA
FCA restricts six lenders over anti-money laundering concerns
FCA
Advice firm employees plead guilty after defrauding clients of £2m
Budget
Budget: Government reduces Lifetime ISA withdrawal charges ahead of new FTB ISA launch
Inflation
Inflation rises to 3.5% as mortgage rates outlook shifts
