Last week the Council of Mortgage Lenders released figures showing that while lenders had contacted almost every interest-only borrower with a loan maturing before 2020, only 30% had responded to their lender.
The latest Mortgage Solutions People’s Poll asked brokers if they would consider leading a drive to contact interest-only borrowers if they were suitably remunerated by lenders.
Almost two-thirds of respondents said they would be interested in contacting clients they had set up interest-only mortgages with to check on their repayment plans.
A further 31% said they may be interested but it would depend on how much lenders were willing to pay for this service.
Just 4% of brokers said they would not be interested in any circumstances.
CML director-general Paul Smee said last week lenders must find a way to overcome the difficulties in contacting borrowers.
“We are pleased to report that lenders have met their initial commitment to contact interest-only borrowers whose mortgages are due to mature by the end of 2020. But we all recognise that this is just the start of a long term, continuous communication programme.
“So far, around 30% of customers who have interest-only mortgages maturing by 2020 have responded to their lender on their repayment plans. This is an encouraging start, but also highlights the challenges of achieving effective two-way communication.”
