The Finance and Leasing Association (FLA) has published statistics on second-charge mortgage repossessions for 2015. The number of second-charge mortgage repossessions for 2015, at a figure of 228, was the lowest for the past seven years (falling from 1,612 in 2008). The number of repossessions in the last quarter of 2015 alone, was 58.2% less than in the last quarter of 2014.
Whilst the number of repossessions may have decreased, the second-charge mortgage market has reported a 34% growth in new business, this being a value of £844 million. Although this figure is at its highest level since 2008, it still remains significantly lower than pre-crisis levels, when the figure had peaked to over £5 billion.
Fiona Hoyle, the Head of Consumer and Mortgage Finance at the FLA is quoted as saying:
“Repossessions fell by 49% in 2015 as a whole, as second-charge mortgage providers continue to do everything possible to help customers who are struggling with their finances.”