Research from MetLife states that 48% of homeowners in the UK are worried about their ability to afford mortgage payments.

On top of this, the research shows that 42% of the 2,000 homeowners surveyed by the firm say they have no savings to use if they lose their income.

Younger people with mortgages appear to be better prepared: They survey says that 61% of the 18 years old to 24 years old bracket report having enough savings for two months’ payment and 47% people aged 24 years to 38 years could pay 3.7 months’ of mortgage payments.

According to the findings, the two biggest barriers stopping people from purchasing a mortgage protection plan are that it is too expensive, at 32% of those who don’t have a plan already, and 29% saying they simply can’t afford it.

MetLife UK managing director Dominic Grinstead says: “Understandably, UK households are worried about meeting rising costs. While our findings show some have savings that they can use to fund mortgage payments, this feels like a sticking plaster approach.

“People need to consider how they might cover their largest monthly outgoing over the longer term, should their circumstances change. There are steps that can be taken beyond dipping into savings that will protect homes and families.”