Nearly a quarter – or 23 per cent – of homeowners are concerned they won’t be able to remortgage during the pandemic, according to a poll undertaken by Willow Private Finance.

Almost 2,100 adults were asked about their incomes and mortgages earlier this month, with the government’s mortgage support scheme ending on 31 October as the backdrop.

A third of those asked – 32 per cent – stated that their income was now less secure than before the pandemic. This response rises to 63 per cent among the self-employed.

Earlier this month at the Conservative Party Conference, chancellor Rishi Sunak hailed the deferral scheme as a “six-month mortgage holiday”, despite growing concern that borrowers who have taken up this support will have a harder time Remortgaging.

However, research from the Intermediary Mortgage Lenders Association suggests that the October ‘cliff edge’, as some have referred to it, may not be as severe as feared.

On the research, Willow Private Finance managing director Wesley Ranger says: “This is a ticking time bomb waiting to explode. Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.

“On top of all the other fears at the moment, they are having sleepless nights worrying if they will be able to renew or even pay their mortgage bill.

“We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency.”