Research from price comparison website USwitch.com has revealed that two million UK homeowners are considering mortgage payment holidays.

Despite the government’s promise to defer interest payments on mortgages for up to two years, some borrowers, who have struggled to remortgage, are being forced to take action now.

The research suggests that mortgage payment holidays on this scale could increase total UK mortgage repayments by £53 million, and push up the total interest paid by £7.2 billion.