Mortgage rates may be at record lows but more than 1m UK households are struggling to pay their home loan, research suggests.

However, many may just be on the wrong deal, a broker has warned.

Research by L&C mortgages, based on a poll of 2,005 mortgage holders, found 58% have never remortgaged.

Of those surveyed, 253 out of 2,005, or 12%, said they struggled to pay their mortgage.

The broker divided the 253 by the sample size and multiplied it by the 11.1m mortgages lent on the market, according to the Council of Mortgage Lenders, to find that 1.4m households are struggling.

Just over a third said they were still on their lender’s standard variable rate, while 22% said they have had to make cutbacks to meet the repayments each month.

David Hollingworth from L&C Mortgages said: “The fact that people have been making cuts in order to cover mortgage payments indicates how people feel they are ‘just about managing’ in many aspects of their lives.

“We know that British households last year ran down their savings to a record low and that the cost of basics such as energy and the weekly shop are continuing to rise – so it’s no wonder that people are feeling the pressure when it comes to their monthly mortgage payments.

“The problem is that although people feel they are struggling, they are not taking steps to manage their mortgage.

“Our research has found that millions are sitting on the wrong deal, even though seeking advice could potentially save consumers some hard earned cash by getting a better deal – and even enable them to pay off their mortgage more quickly.”