Repossessions in the U.K. plunged in 2010, according to two new reports. The Council of Mortgage Lenders reported that repossessions from first-charge lenders dropped 24% last year, with the number of mortgage with arrears of 2.5% or more of the outstanding balance sliding 13% from 2009. The Finance & Leasing Association also reported that repossessions of second-charge mortgaged plummeted 41% in 2010, which the FLA says is a reflection of efforts by lenders to find ways to assist borrowers having difficulty meeting their obligations.

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