The booklet – called ‘What to do if you can’t pay your mortgage’ – covers six steps borrowers must take to ensure they do not lose their homes, such as what to expect when you contact a lender, the role of debt advisers and a section on where to turn for further help.

It also dismisses some of the ‘urban myths’ associated with having mortgage arrears, claim the organisations.

The bodies say: “Despite what some people believe, telling your lender you are having problems paying your mortgage does not mean they will start to repossess your home.

“Lenders are very sensitive to the rising number of people facing a squeezed household budget, and if they know there is a problem they will do everything possible to help. The earlier your lender knows that you are facing financial difficulties, the greater the chance that you will be able to find a solution.”

Building Societies Association head of mortgage policy Paul Broadhead says: “Borrowers struggling financially should not bury their head in the sand. 

“If they read this booklet, the guidance contained in it should ease their fears about the process. It should encourage them to contact their lender as soon as possible, with confidence to discuss the options available to them.”

Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline, adds: “As the cost-of-living crisis continues to bite, it has never been more important for households to have access to the right advice and information.

“Rising interest rates are bringing mortgage worries to the fore for many homeowners, and this guidance is designed to help anyone worried about keeping up with their payments.

“The key thing to remember is you are not alone – it is always better to contact your mortgage provider to share your concerns, and you can always contact a charity-run service like National Debtline for free, independent advice.”

The booklet is available from the Building Societies Association website and will also be made available to people seeking advice from National Debtline and Business Debtline, the free debt advice services run by the Money Advice Trust.