However, Britons have been warned about being too quick to take this option up, without considering its implications.

This is because interest will continue to accrue on a mortgage during the break, potentially creating a higher bill in the long run.

Ms Stevens commented on the options at hand for borrowers, saying: “Reducing your mortgage payments is something that has to be agreed with your lender.

“That could take the form of a full or partial mortgage holiday, or you could agree to extend the term of your mortgage.

“This option would see you pay more over the lifetime of your mortgage, but it would have the effect of reducing your monthly payments.”