Second Charge Mortgage Repossessions Fall

New figures show a fall in the number of second charge mortgage repossessions in Q1 2017.

Figures released on the 11^th May 2017, by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 of 2017 was 17; this is down 50% in comparison to Q1 in 2016.

Commenting on the figures, Fiona Hoyle, Head of Consumer & Mortgage Finance at the FLA said:

“The number of second charge mortgage repossessions fell again in the first three months of this year, as lenders continued to support customers experiencing repayment difficulties...”

Paul Stringer, Director of Norton Finance & Mortgages said:

“It’s great to see second charge repossession figures continuing to decline substantially. What this proves is the industry’s continual drive to not only lend to creditworthy customers, who can afford the loan, but also to apply alternative forbearance measures to lenders collection processes. This helps customers get back on track with their payments without resorting to further measures.”

If you’re interested in a second charge loan for your client, get in touch with the team on 01709 321665.