Advisor at the Homeowners Advice Centre Al Elliot stated that doing so could mean consumers reduce their chances of having their home repossessed.
"If payments are getting difficult to keep to, I would recommend talking to your lender sooner rather than later about swapping to interest only payments," he said, explaining that many lenders would not do this if the borrower has already fallen into arrears.
But he warned that anyone switching to interest only payments should change back as early as possible, as otherwise the full balance of the mortgage will need to be paid at the end of its term.
Around 45,000 properties will be repossessed in the UK this year, according to recent predictions from the Council of Mortgage Lenders.
This equates to 0.38 per cent of all mortgages currently held.
