Just 30% of borrowers with interest-only mortgage have responded to lenders asking them to explain how they plan to repay their loans.
This will raise fears that many borrowers are failing to realise the danger and will struggle to repay their debt when their mortgage expires over the next six years.
Last year, mortgage lenders made a commitment to the Financial Conduct Authority (FCA) to contact borrowers with interest-only mortgages that are due to mature by the end of 2020.
Lenders have now successfully met that commitment, according to the Council of Mortgage Lenders (CML), but must do more to ensure all their customers are protected.
Among those who have responded, one in five had no clear plan for how they would repay their mortgage.
Lenders have been using a variety of contact strategies to get in touch with customers.
These include reminders and mailings requesting a written response, telephone calls, face-to-face meetings and even home visits.
Methods that included a specific call to action by the customer generated higher response rates, the CML said.
CML research published earlier this year showed a significant fall in both the number and value of interest-only mortgages, as people act positively to manage their debt.
There was a 12% drop in lenders' interest-only back books between Q4 2012 and Q4 2013.
That compared to a 2% drop in the previous year.
CML director general Paul Smee said: "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."
Martin Wheatley, chief executive officer at the FCA, said: "Everyone needs to keep the momentum going. Our advice for borrowers is unchanged: you must with engage with your lender; this is a shared problem and you need to work together to resolve it."
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