Specialist broker Willow Private Finance has called on the government to extend its mortgage support scheme.
The specialist broker has also requested that the industry show leniency to those currently in receipt of mortgage payment holidays.
A recent poll of 2,000 British adults commissioned by Willow Private Finance found that a quarter of homeowners are concerned that they will be unable to remortgage.
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In addition, 32% said they believe that their income is less secure now than before the pandemic, rising to 63% among the self- employed.
The poll also revealed that 12% of recipients have had to take a mortgage payment holidays due to the constrictions of coronavirus.
The government’s mortgage support scheme, referred to as mortgage payment holidays, is set to conclude on 31 October.
Wesley Ranger, managing director of Willow Private Finance, said: “This is a ticking time bomb waiting to explode.
“Millions of mortgage holders in Britain are up for renewal in the next 12 months with changed circumstances.
“On top of all the other fears at the moment they are having sleepless nights worrying if they will be able to renew or even pay they bill.
“We are calling on the industry to show leniency for people with changed circumstances and for the government to extend its mortgage support scheme with urgency.”