Fall in second charge mortgage possessions

Published on

Finance & Leasing Association

The number of second charge mortgage possessions in the third quarter of 2013 was 144, 11.7% lower than in the same quarter in 2012, according to latest data from the Finance & Leasing Association (FLA).

This has led to a lower forecast of between 700 and 750 for the total number of second charge mortgage possessions by FLA members this year.

Geraldine Kilkelly, chief economist at the FLA, said: “The Q3 results mean that the rate of possession fell to its lowest level in a year, at 0.05% of outstanding second charge mortgage contracts.

“FLA members are continuing to do all they can to help customers in financial difficulty remain in their homes. This week’s lower than expected inflation and unemployment rates should provide some further relief by easing the pressures on household incomes.”

Table:  The number of actual properties taken into possession by FLA second charge mortgage providers

 

Time period

Number of
possessions
in the quarter

% change on the
same 
quarter in
the 
previous year

Annual
total

% change on the
previous year

2008 Total

2009 Total

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

262

230

212

160

195

234

220

178

151

139

163

175

226

183

144

-33.7%

-45.8%

-48.7%

-31.9%

-25.6%

1.7%

3.8%

11.3%

-22.6%1

-40.6%1

-25.9%1

-1.7%1

49.7%1

31.7%1

-11.7%1

1,612

1,467

864

827

628

-9.0%

-41.1%

-4.3%

-24.1%2

 

  1. There are breaks in the time series from Q1 2012 and Q1 2013 onwards because of changes to second-charge mortgage providers in FLA membership. On a same sample basis, the number of repossessions fell in Q3 2013 by 5.9% compared with the same quarter in 2012.

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