The number of second charge mortgage repossessions was 447 in 2014, the lowest level for at least six years, according to latest data from the Finance & Leasing Association (FLA).

In the final quarter of 2014, the number of repossessions was 79, down 35.8% compared with the same quarter in 2013.

Fiona Hoyle, head of consumer finance at the FLA, said: “The continued fall in repossessions is due in no small part to the commitment of second charge mortgage lenders to helping customers deal with financial difficulty.”