The Financial Services Authority (FSA) has revealed that many homeowners are concerned about how they can meet their mortgage repayments.
Its director of financial capability Chris Pond warned that economic conditions are tough at the moment, causing pressure for household finances.
The organisation urged worried homeowners to check their budgets and plan how they could cope if their mortgage payments rose suddenly.
Homeowners should be active if they fear they could fall behind with their payments and consider speaking to their lender if they are struggling, the FSA continued.
"For those who are really struggling, don’t panic. Talk to your lender or get free, confidential debt advice," Mr Pond said.
Some debtors could manage their mortgage payments were it not for the high cost of maintaining their debt and this situation could be causing them concern that they will be unable to afford their repayments and could lose their home.
One option for such borrowers would be an individual voluntary arrangement, usually called an IVA, which allows them to repay an affordable sum each month and to retain possession of their home.