Second-charge repossessions lower than last year
Repossessions made by second-charge mortgage providers were down by 37% in the second quarter of 2012 compared with the same time last year, according to the Finance & Leasing Association (FLA).
The trade body for the second-charge mortgage market said that in the second quarter of 2012, second-charge lenders repossessed 147 properties down from 234 in quarter two of 2011.
It has forecast that total repossessions made by second-charge lenders this year will be around 600-650 for the year.
Fiona Hoyle, head of consumer finance at the FLA, said: “Repossession levels for second-charge mortgage lenders continue to fall as lenders do all they reasonably can to help customers in financial difficulty to remain in their homes. Due to forbearance by lenders, the FLA has now lowered its forecast for 2012 repossessions.
“But lenders recognise that the situation could change if the economic situation worsens. So if you are having trouble with repayments, please contact your lender to discuss your situation. Repossession remains the last resort only after all other reasonable measures have failed.”