13 Nov

FLA: Repossessions on second charge mortgages fall

FLA: Repossessions on second charge mortgages fall

The Finance & Leasing Association (FLA) has released data which shows a fall in the number of repossessions by second charge mortgage providers in the third quarter of 2009.

Figures show a 9.9 per cent decrease in repossessions compared with the same period in 2008.

Members of the FLA currently provide approximately 85 per cent of second charge mortgages and the association welcomed the information that indicates a drop in the number of people faced with losing their homes.

Stephen Sklaroff, director general of the organisation, was cautious in his analysis. He said: "Any reduction in repossessions is good news, but these are still very tough times with many homeowners struggling to keep up with payments on loans, bills and other debts."

Mr Sklaroff added that lenders would continue to use repossession proceedings as a last resort after all other avenues to help those battling with financial problems had been exhausted.

On November 12th, the Ministry of Justice reported that the number of mortgage possession claims issued in the third quarter of 2009 was 37 per cent lower than in the same period the previous year.
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