Almost two in five UK mortgage holders have no protection in place to help meet repayments if they are unable to work, according to research from MetLife UK.

The study found that 39% of homeowners with a mortgage had no mortgage protection, while only a third (33%) said they were certain they had cover. A further 28% were unsure whether they had a policy.

MetLife’s findings also point to a difference between male and female mortgage holders. Some 43% of women with a mortgage said they had no protection, compared with 35% of men.

Affordability was the most frequently cited reason for going without cover. A quarter (25%) of unprotected borrowers said they could not afford it, while 15% said spending on essentials such as food, energy and fuel had taken priority.

Awareness and the mortgage sales process also appear to be factors. Some 12% of respondents without protection said they did not know such cover existed, 11% had not got around to arranging it and 9% said they had not been offered protection when taking out their mortgage.

BORROWERS CUTTING BACK ON COVER

The research comes as mortgage holders continue to express concerns about their household finances. MetLife found that 30% worried about getting into debt, while 28% were concerned about falling ill, losing their job or being unable to keep up with mortgage repayments.

At the same time, 77% of advisers surveyed by MetLife said they were seeing customers reduce their level of protection or cancel policies altogether.

Phil Jeynes, head of individual protection at MetLife UK, said: “When mortgage bills soar, people often go through their bank statements with a highlighter looking for anything to cut and asking, ‘Can we afford this?’ – we get it. Cancelling protection feels like an easy saving until life knocks you sideways.

“But walking away from the exact safety net which protects your home and livelihood is a massive gamble. Before making the decision to cancel cover, look at your options – whether that’s checking for workplace benefits or tweaking your policy to bring down the monthly cost.

“Having even a basic buffer in place, such as our EverydayProtect accident & health cover or MortgageSafe cover, is infinitely better than standing completely exposed if the worst was to happen.”