Second-charge mortgage repossessions at lowest levels in 7 years

Second-charge mortgage repossessions at lowest levels in 7 years

New figures released today by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions was 228 in 2015 â€â€œ the lowest level for at least seven years.

In the final quarter of 2015, the number of repossessions was 33, down 58.2% on the same quarter in 2014.

The rate of second-charge mortgage repossessions, as a percentage of average outstanding agreements, has fallen from 0.34% in 2009 to just 0.10% in 2015.

In 2015, the second-charge mortgage market reported new business growth of 34% by value to £844 million, and 9% by volume to 20,647 – the fourth consecutive year of growth. Although new business was at its highest annual level since 2008, it remains significantly lower than pre-crisis levels, when it peaked at over £5 billion by value and 200,000 by volume.


Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said: “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. Second charge lenders are putting the finishing touches to systems changes, as they prepare to implement the Mortgage Credit Directive and MCOB ahead of the 21 March 2016 deadline. A huge amount of work has been completed to extremely challenging deadlines.”
 

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Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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