The Head of Research and Chief Economist at the Finance and Leasing Association has reported that figures show a 27.3% fall in second charge mortgage repossessions in the second quarter of 2014, compared with the same period in 2013.
It was reported that in the first half of 2014, repossessions were down by 36.2%. It is reported that the low number of repossessions is what can be expected in the current market, given that lenders have an approach to forbearance. The second charge mortgage market reported new business up 21% by value and 9% by volume compared with June 2013.
However, rent repossessions continue to be prevalent within the Landlord and Tenant industry.
At Ringrose Law we have a specialist team that is able to assist both Landlords and Tenants with Rent and mortgage repossessions, legal aid is available for rent repossession cases. For further help and advice contact Costa Kyriacou on 01775 662662 or visit one of our offices in Boston, Grantham, Lincoln, Sleaford, Spalding and Newark.