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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
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You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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