Homeowners worried about falling into mortgage arrears should tell their provider before they do, so an alternative payment plan can be agreed upon before debts start mounting up.

That was the advice issued this week by the Council of Mortgage Lenders (CML), which explained that mortgage lenders have a number of options available to help borrowers struggling to meet their repayments.

Bernard Clarke, spokesperson for CML, said: "The most important thing is to talk to their lenders if they think they are going to have a problem - even before they miss a payment.

"The lender and the borrower need to sit down and work out a plan that fits the individual’s circumstances," he added, explaining that lenders might consider re-scheduling the loan or extending the loan term in order to reduce repayments.

According to research by insurance provider Axa, only 16 per cent of households are insuring their income, despite the fact that they would be unable to meet mortgage repayments if they lost income as a result of long-term sickness or injury.