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
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