The Council of Mortgage Lenders (CML) claims that UK mortgage borrowers are in a strong position.

A study, released by the organisation, revealed that the value of outstanding mortgage balances in the UK stands at £1.1 trillion.

However, this figure is dwarfed by the unmortgaged housing wealth currently held by homeowners.

This latter figure is the amount of money currently held in properties where the mortgage has been paid off.

The CML conceded that individual households have different circumstances but said that overall the picture looks pretty good for UK homeowners.

"Data on the aggregate balance sheet position of households shows that the finances of homeowners are strong and healthy, even among those borrowing with a mortgage," read a CML article.

"We recognise that the financial position for individual households may vary. Overall, however, the strong reserves of wealth built up by home owning households will underpin the finances of the vast majority in a variety of different circumstances," it continued.