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The total number of second charge mortgage repossessions has fallen 7.8% on the
same period in 2010, according to figures from the Finance & Leasing
Association.
The figures show there have been 649 second charge mortgage repossessions so far
this year, compared to 704 in the first three quarters of 2010.
The figure increased by 3.8% in the third quarter of the year compared with the
same period last year, with second charge mortgage providers taking 220
properties into their possession.
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, explained: “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.”
Source:
Getting Paid
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