Repossessions made by second-charge mortgage providers were down by 25.9% in the third quarter of 2012 compared with the same period last year, according to data from the Finance & Leasing Association (FLA).
Fiona Hoyle, head of consumer finance at the FLA, said: “Lenders are continuing to do all they can to help homeowners in financial difficulties and this is reflected in the figures, with just 163 properties being taken into possession in the last quarter.
Individual borrowers have a responsibility too. Anyone facing financial difficulties should contact their lender as soon as possible so that they can work together to resolve the situation.”
FLA Possessions
Table 1: The number of actual properties taken into possession by FLA second mortgage providers1
|
Quarter |
Number of possessions in the quarter
|
% change on the same quarter in the previous year
|
Annual total |
% change on the previous year |
|
Q1 2011 Q2 2011 Q3 2011 Q4 2011
Q1 2012 Q2 2012 Q3 2012
|
195 234 220 178
157 147 163 |
-25.6% 1.7% 3.8% 11.3%
-19.5%2 -37.2%2 -25.9%2 |
827 |
-4.3% |
1. Possession proceedings arising from FLA members’ second mortgage books, which have led to actual possession by the second mortgage provider.
2. The sample from Q1 2012 onwards is different to previous quarters because of a change to second mortgage providers in FLA membership. On a same sample basis, the number of possessions fell in Q3 2012 by 14.7% compared with Q3 2011.