Mortgage payments are the monthly expense most likely to cause financial pressure for people with a mortgage in the UK, L&C Mortgages reveals.

The latest data shows that 42% of people say their mortgage is the monthly bill that causes them the greatest financial stress, compared with 20% for food shopping and 17% for energy bills.

It also found that more than half of mortgage holders (52%) worry about their mortgage payments at least once a month, while nearly one in five admit those concerns arise every week.

For many mortgage holders, repayments represent a substantial monthly outgoing.

Almost half of mortgage holders pay between £500 and £999 each month, while 39% pay £1,000 or more, including more than one in 10 (12%) whose monthly mortgage payments are £1,500 or more.

The findings also revealed that people with a mortgage would take a cautious approach to their finances as a result of financial pressure.

When mortgage holders were asked what they would do if their mortgage payments were covered for six months, more than 85% said they would save the money with only 10% saying they would spend the windfall.

Even when presented with the equivalent of thousands of pounds in additional disposable income, most would prioritise building financial security over increasing their spending.

L&C Mortgages associate director David Hollingworth says: “With so much uncertainty and volatility, household finances are under pressure. With concern over cost of living rises and the chunk of disposable income taken up by mortgage payments, it’s perhaps no surprise that they are top of the financial worry list for many mortgage holders.”

“The good news is that there are often steps borrowers can take to reduce their monthly payments or better manage their mortgage costs. Reviewing your deal before it ends and understanding the options available could make a meaningful difference.”