The building society has warned that, as the buoyancy of the UK housing market is coming to a close, it is likely that more difficult times lie ahead for mortgage borrowers. Taking out mortgage protection insurance, or income protection, may mean that should something go wrong, homeowners’ mortgage payments won’t have to suffer.

Karen Torson, spokesperson for the Cheshire, said: “Most people don’t like to think about what they would do if they lost their job or could not work through illness; however it is an important consideration and even more so given the current economic conditions.

“You may not be able to safeguard your job but you can take steps to protect your mortgage payments and other outgoings.”