According to Property Portfolio Rescue, just over 66% of mortgage holders do not have insurance to cover the monthly cost of their mortgage should they become redundant.

The research also found that only 69% of homeowners have enough cash to see them through 3 months with no income coming in.

As unemployment is expected to surge past 3 million next year, losing your home after a relatively short period of unemployment, becomes a significant risk.

That risk could be really reduced if homeowners took out mortgage payment protection insurance. For example, a monthly mortgage payment of £1,000 could be insured for as little as £12.40 a month. But conditions do apply to these policies. Payments could be delayed for between 30 and 180 days after a claim depending on which policy you selected and some insurers will only pay for up to 12 months. If you’re unemployed for longer you’re on your own.