The annual total of repossessions in this market fell to a record low of 98 in 2019 from 149 in 2018 – a fall of 34% year-on-year.

The rate of second charge mortgage repossessions as a percentage of outstanding agreements was 0.06% in the 12 months to December 2019.

Commenting on the figures, Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Second charge mortgage providers are committed to helping consumers in financial difficulty, which is borne out by the low number of repossessions last year.”