According to the managing director, there are a number of options available to households who are set to struggle with their mortgage payments.

Mr Mugleston added: “You could also consider switching to an interest-only mortgage; while this is a short-term solution, it would make your mortgage costs a smaller monthly expense.

“If you’re still able to pay some part of your mortgage payments, another possibility might be extending your current mortgage term to reduce your repayments.

“That being said, if you’re completely unsure of what to do, your best option would be to speak directly to your lender.

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