A million households struggle to pay the mortgage

The study, by L&C Mortgages, also revealed 2.6 million households think their monthly mortgage payments are too high, as consumers face rising food and energy bills, and a hike in the general cost of living.

Meanwhile, 2.5 million admitted they have been forced to make significant cutbacks to reduce their spending in order to afford their mortgage payments.

Yet while many are struggling to get by, more than half (58 per cent) have never remortgaged for a better deal that could ease their financial burden.

In addition, more than a third (36 per cent) of homeowners are still on a standard variable rate mortgage, leaving 4 million vulnerable to a rise in interest rates.

It is really important that people keep on top of their mortgage and take control of their monthly payments by using the current low in mortgage rates to their advantage.David Hollingworth

David Hollingworth, associate director for communications at L&C Mortgages, said: “The fact that people have been making cuts in order to cover mortgage payments indicates how people feel they are ‘just about managing’ in many aspects of their lives.

“We know that British households last year ran down their savings to a record low and that the cost of basics such as energy and the weekly shop are continuing to rise - so it’s no wonder that people are feeling the pressure when it comes to their monthly mortgage payments. 

“The problem is that although people feel they are struggling, they are not taking steps to manage their mortgage.

“Our research has found that millions are sitting on the wrong deal, even though seeking advice could potentially save consumers some hard earned cash by getting a better deal - and even enable them to pay off their mortgage more quickly.”

A further finding of the research is that 4.2 million people cannot imagine a time when they will not be paying their mortgage as debts mount up on overdrafts, student loans and on credit cards.

But the situation may not be as bad as many people think, with half of the UK potentially able to pay off their mortgage in just over a decade.

Mr Hollingworth said: “It is really important that people keep on top of their mortgage and take control of their monthly payments by using the current low in mortgage rates to their advantage. 

“It is always worth seeking advice to make sure you are on the best deal and see if there is anything that can be done to relieve the stress of managing high payments. Always ask – could I be on a better deal?”

simon.allin@ft.com