New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2019 was 25, 30.1% lower than in the third quarter of 2018.
The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.06% in the twelve months to September 2019.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The second charge mortgage market has reported lower levels of repossessions in each quarter so far in 2019. We expect the market to report a record low total for the year as a whole.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
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