Almost half a million mortgage payments were missed in the last six months…

According to research from online financial site MoneyExpert almost half a million mortgage payments were missed in the last six months.

Its research found that one in 25 homeowners had failed to meet a mortgage payment deadline since July 2007, accounting for almost 4 per cent of the 11.8 million mortgages in the UK

People aged 25 to 34 were the most likely to have missed a payment on their property, reflecting the difficulties first time buyers face when trying to get on the property ladder.

MoneyExpert’s Sean Gardner says: “Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.

“It’s clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can’t pay your mortgage then you should take action immediately.

“If you are struggling to afford the repayments then now is not the time to stick your head in the sand.”

Chiltern’s Joanne Gill says: “The recent drop of the Bank of England base rate will slightly ease pressure on household finances, although for those feeling the pinch from Christmas, and the last five increases, another drop couldn’t come soon enough.

“Priority should always be given to rent or mortgage and utility bills, but often household finances become stretched because of debt repayments and the demands that creditors impose.

“Chiltern can restructure finances to a more affordable level, ensuring that a client’s most important debts are prioritised. This has proven welcome short-term relief for people who are struggling with their debts and struggling to obtain credit.”

Over quarter of adults ‘likely' to struggle with monthly payments this year