More than one in four UK homeowners have missed a mortgage payment because of illness or injury, highlighting the financial vulnerability many borrowers face when their income is disrupted.
Research from MetLife UK found that 28% of mortgage holders have experienced financial difficulties that resulted in a missed mortgage payment after being unable to work due to illness or injury.
The findings suggest that for many borrowers, the impact extends beyond a single missed payment. Around 7% said they had missed mortgage payments on multiple occasions after being unable to work, underlining how quickly financial problems can escalate when household income is interrupted.
Younger homeowners appear to be particularly exposed. Half of Gen Z mortgage holders reported having missed mortgage payments as a result of illness or injury, according to the research.
With average monthly mortgage costs now exceeding £1,000, the study points to the limited financial resilience of many households if their earnings are suddenly reduced or stop altogether.
While 71% of mortgage holders said they had savings available as a financial buffer, those savings would last an average of just six months. One in five respondents said they had no savings at all.
When savings are exhausted, many homeowners rely on support from family and friends. Around 34% said they would turn to family members for help, while 24% would rely on a partner. Just 17% said they would depend on insurance, and 15% would consider taking on additional borrowing through short-term loans.
The research also found that 10% of mortgage holders said they had nobody to turn to for financial support, while 8% admitted they would simply miss mortgage payments if faced with a loss of income.
The findings highlight ongoing gaps in protection awareness. Nearly one in 10 respondents said they regretted not arranging protection cover after experiencing illness or a loss of income.
A further 8% believed they already had protection in place when they did not, while another 8% said they only considered protection after a problem had occurred. Around 6% said they did not believe they would become seriously ill or suffer a significant accident.
Phil Jeynes, head of individual protection at MetLife UK, said: “Homeowning Brits are facing a perfect storm of higher-for-longer rates, sticky inflation and economic uncertainty with ongoing geopolitical conflict and disruption to global energy markets.
“When illness or injury stops income, we see how quickly mortgage payments can become a struggle, with many relying on limited savings or family support. Protection is there to help provide a financial safety net when life doesn’t go to plan.”
Jeynes added: “MetLife UK’s MortgageSafe is a simple mortgage protection solution designed to help homeowners protect their mortgage repayments if they are unable to work due to accident or illness.
“The policy pays a monthly benefit towards mortgage costs, helping cover some or all repayments for either 12 or 24 months, depending on the level of cover selected.
“Available to both new and existing homeowners. MortgageSafe offers three levels of cover to suit different lifestyles, health profiles and mortgage commitments, helping advisers tailor protection more closely to client needs.”
