In the second quarter of 2012 the number of second charge possessions was 183, new figures from the Finance & Leasing Association (FLA) reveal.

This was up by 44 compared with Q2 2012, but still represented only 0.06% of the total number of FLA second charge mortgage contracts.

This was up by 44 compared with Q2 2012, but still represented only 0.06% of the total number of FLA second charge mortgage contracts.

Geraldine Kilkelly, chief economist at the FLA, said: “While the volume of repossessions has risen in the second quarter from a very low base in 2012, the possessions rate has actually fallen from 0.08% in Q1 2013 to 0.06% in Q2 2013.”

“FLA members remain committed to helping customers in financial difficulty. Second charge mortgages will be regulated by the Financial Conduct Authority from April 2014 and must comply with the new Mortgage Directive by 2015.

“A sensible transition process will be essential to avoid market disruption.”