London Money: Clients not yet worried about mortgage payments
Mortgage borrowers are taking a wait and see approach to their mortgage repayments in light of coronavirus, according to a poll conducted by London Money.
The Twitter poll launched on 19 March and ran for 24 hours.
It asked the question “Have you requested a mortgage holiday from your bank?”
Of the 150 people who responded to the poll, 6% outlined that they had already asked their bank for help regarding their mortgage repayments.
A further 22% said that they were considering requesting help from their bank.
Meanwhile, 72% of the respondents answered that they were not planning on doing anything at all.
Martin Stewart, director of London Money, said: “I found the result of this poll very interesting and had assumed the results would actually have been reversed with far more people asking for help with payments.
“I am very much on the front font when it comes to positivity and we all need to be thinking the same in these exceptional times.
“So the poll, which was kindly shared by many brokers in my community, could suggest that people are not panicking about their mortgage and may have more savings and security than many give them credit for.
“And this was before the Chancellor, Rishi Sunak, announced his package for employees on Friday.
“Clearly, the millions of self employed and freelance works will be expected similar assistance and hopefully all these measures will only go to help steady the economy further.
“All brokers are urging clients to contact them before making any knee-jerk decisions regarding their mortgage or life assurance policies and I am now seeing many wise heads who lived through the credit crunch calmly and diligently approaching this new crisis with care and good humour. For now, the wider industry seems to be in good hands.”