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Spicerhaart partners with Excel and TLT to launch interest-only resolution

Asset management specialist Spicerhaart Corporate Sales has joined forces with fact-finding experts Excel and UK law firm TLT to create an interest-only solution for lenders.

The approach is tailored for lenders with interest-only customers that are coming to maturity, with full guidance throughout the journey to resolution. This applies to repayment, conversion, re-mortgage, the sale of a property, or if there is no other solution.

In May 2018, there were 1.7 million interest-only mortgages outstanding in the UK with around 200,000 due to mature by 2020, according to UK Finance.


While most of these customers will engage with their lenders and agree to a resolution, Spicerhaart aims to assist those borrowers that are more reluctant, either because they do not like their options or they have no way of paying back the outstanding debt.

The new partnership brings together experts in field, legal and asset management.

Excel, an FCA-regulated financial services company, are experts in face-to-face engagement and fact-finding with customers to understand individual circumstances, while Spicerhaart can assist the customer from a property-related perspective.

“Over the past few years, lenders have successfully implemented a wide range of strategies to contact their interest-only customers,” Dave Miller, client manager at Spicerhaart Corporate Sales, commented.

He said that despite this, a proportion of those who are the most vulnerable of customers are still failing to engage, while others are now past their term expiry date with no official agreement in place for resolution.

Laurence Venn, chief executive officer at Excel, added: “Our proposition addresses the difficulty lenders face in resolving every case and is aimed at avoiding drift, which so often can occur in these difficult situations.”

Graham Walters, partner at TLT, said: “We aim to provide absolute resolution both for the customer and the lender based on the customer’s individual circumstances. This is an issue that needs to be dealt with and we believe that our approach can assist to achieve this.”

Miller explained that although lenders are seeing greater success now in terms of engaging interest-only customers, there are still many customers either unable or unwilling to engage, which presents a ‘real challenge’ for lenders.

“That is why we have created this proposition; we are able to combine all the expertise needed to be able to find the best solution for both lenders and their customers,” he concluded.


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