Latest figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in the first quarter of 2018 was 46, up from 25 in the first quarter of 2017.

The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.09% in the 12 months to March 2018.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The increase in second charge mortgage repossessions in the first quarter of 2018 was from a low base.  We expect the number of repossessions in this market to remain low in 2018 as a whole.

“As always, any customer worried about making payments should speak to their lender, because the sooner contact is made, the easier it is to find a solution.”