The number of people concerned about mortgage payments is up from 37 % last year, according to the survey of 2,000 people by Met Life.

Two in five questioned said they have no savings to fall back on, and seven in 10 said they would be unable to cover mortgage repayments for more than two months.

Met Life said only one in 10 people know there are protection policies available specifically for their mortgage repayments.

‘Many seeing mortgage payments rise’

Rich Horner, head of individual protection at MetLife UK, said: “The chancellor made it crystal clear that tough decisions are necessary to keep mortgage rates down.

“However, there are still real pressure points affecting potential first-time buyers and current homeowners that need addressing quickly.

“For those with a mortgage, many are starting to see their monthly repayments rise in line with rising interest rates.

“With the uncertainty around how high interest rates will go and the ongoing pressures on the cost of living, the worry of meeting payments can be daunting.  Yet just one in 10 are aware that for a relatively small monthly fee, they can ensure they have protection in place to cover their mortgage repayments – often the largest monthly outgoing for many.

“At a time when households are looking even more closely at their finances to ensure they keep up with household bills and payments, accessing the right mortgage protection policy, such as MortgageSafe, is a simple and cost-effective way to safeguard finances should a homeowner have an accident or were to become ill, and they weren’t earning their usual salary as a result.”