Half of homeowners and people in the process of taking out a mortgage are concerned about missing mortgage repayments due to the cost of living crisis.
The figure of 48% was up from 37% when MetLife UK carried out the survey last year.
Meanwhile 42% had no savings to fall back on if they found themselves unable to pay their mortgage, up from 40% in 2021.
Seven in 10 (71%) of respondents said they would be unable to cover their mortgage repayments for more than two months and just one in 10 people were aware that there are protection policies available specifically for their mortgage repayments.
Rich Horner, head of individual protection at MetLife UK, (pictured) noted there were real pressure points affecting potential first-time buyers and current homeowners that needed addressing quickly.
“For those with a mortgage, many are starting to see their monthly repayments rise in line with rising interest rates,” he said.
“With the uncertainty around how high interest rates will go and the ongoing pressures on the cost of living, the worry of meeting payments can be daunting.
“Yet just one in 10 are aware that for a relatively small monthly fee, they can ensure they have protection in place to cover their mortgage repayments – often the largest monthly outgoing for many.”
