The data revealed one in six mortgages were subject to payment deferrals with homeowners typically suspending payments of, on average, £755 per month.

UK Finance said homeowners were ‘quick of the mark’ when it came to asking for support, with over 1.2 million of these deferrals being approved in the first three weeks of the scheme being opened.

The announcement comes as many homeowners are due to reach the end of the three-month break and as lenders focus on ways to help customers take their next steps.

UK Finance said borrowers who could afford to resume payments should do so, but help will be at hand for those who cannot. Where possible, borrowers will be able to explore their options online.

Nationwide and Leeds Building Society have already announced how they will be helping borrowers whose breaks have come to an end using online support.

Commenting on the figures, Charlotte Nixon, mortgage expert at Quilter, thought the number of people taking up the option of a payment holiday was ‘astonishing’.

“[It] shows what a devastating impact this crisis has had on household finances,” she said.

“We will never know how many of those two million mortgage holders would have defaulted on their loans without the holiday, but even if a small proportion of those had fallen behind on repayments it could have had a massive impact.”

‘Mortgage holidays’ under scrutiny

However Mark Harris, chief executive for mortgage broker SPF Private Clients took a different view of the figures. He thought it was positive five in six borrowers did not need help and questioned how many ‘holiday’ customers were actually in real need of support.

“While the headlines are all about one in six borrowers taking a mortgage payment holiday, it is encouraging that the vast majority are not subject to a payment deferral,” he said.

“Of those who have opted for a payment holiday, how many are in actual need? We have come across borrowers taking them because the option was available and they were worried about running out of money, whereas support from the furlough scheme meant this didn’t come to pass.”

He also questioned the use of the word ‘mortgage holiday’ as a way of describing the deferrals.

“While UK Finance correctly refers to a payment deferral, the terminology is not the same across the board,” he explained.

“Even now some lenders are still referring to it as a payment holiday, which might give borrowers the wrong idea.

“It remains to be seen what happens at the end of the next three-month period. By October the furloughed/employment/unemployment picture may be a little clearer – will the government then expect lenders to offer the deferral again?”