There was a 43.4% fall in second charge mortgage repossessions in the first quarter of 2014, compared with the same period last year, according to latest figures from the Finance & Leasing Association (FLA).

There were 128 repossessions during the first quarter, up on the 123 over the previous three months.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The rate of repossessions in this market remains low at 0.049%, reinforcing lenders’ commitment to helping customers in financial difficulty and to taking repossession action only as a last resort.

“The forecast for 2014 as a whole suggests that repossessions will be at a similar level to 2013.”