A quarter of home owners have missed a mortgage payment after falling ill or having an accident, according to Metlife.

The insurer says that 34 per cent of respondents to its survey have had to take four weeks or more off work and almost half needed financial support to help them pay their mortgage

Worryingly, 47 per cent of borrowers say they have no mortgage protection in place. 

Metlife head of individual protection Rich Horner says: “Despite a challenging economic outlook, 2020 saw many people turn their dream of homeownership into a reality. 

“The stamp duty holiday extension announced in the budget, coupled with the mortgage guarantee scheme, means the number of homeowners is set to rise even higher. 

“But, as Generation Rent becomes Generation Buy, there is an increased need for financial protection and advisers have an invaluable role to play in providing impartial advice and identifying protection gaps.   

“Most of us don’t want to think about falling ill or having an accident, but the reality is it can happen to anyone. 

“Some may think they’ll never need it, but ultimately not having something in place – be it a protection policy or savings – to fall back on, can add to what is already a stressful time should you fall ill or have an accident leaving you unable to work. 

“And at a time when individuals need to recuperate, this worry, and stress could add to the healing time.”