Almost half a million cash-strapped homeowners have missed a monthly repayment on their mortgage in the past six months, according to new research.

Despite the Bank of England’s quarter point cut in interest rates in December, many homeowners are still struggling to pay off their home loans, according to MoneyExpert.com, a comparison web site.

Some mortgage rates have in fact increased since December’s cut. The average fixed-rate deal has risen from 7.30 to 7.31 per cent according to another comparison website, moneysupermarket.com.

This affects the majority of mortgages as over seven out of every ten new mortgages being taken out are fixed-rate.

The research found 463,000 people had failed to meet a mortgage payment deadline since July 2007, representing around four per cent of the 11.8 million outstanding mortgages in Britain.

Before the most recent cut, which put bank rate at 5.5 per cent, homeowners were hit by five quarter point hikes.

Households having overspent during the festive period may exacerbate the problem. Credit card bills for goods bought at the beginning of December are due in the next couple of weeks.

Sean Gardner, Chief Executive of MoneyExpert.com, said: “Missing a mortgage payment doesn’t incur an automatic charge like failing to pay your credit card bill. But it is a sign of real distress as keeping a roof over your head should be the priority for most of us.

“It’s clear that many homeowners are feeling the strain of successive interest rate hikes but if the result is that you can’t pay your mortgage then you should take action immediately.

“If you are struggling to afford the repayments then now is not the time to stick your head in the sand. A phone call to your lender can ease the pressure enormously.”

People aged 25 to 34 are the most likely to have missed mortgage payments, according to the research.

As people find it increasingly difficult to make mortgage repayments, the wealth tied up in bricks and mortar is also falling. The average cost of homes across Britain fell by 0.8 per cent in the last three months of last year, according to the latest Halifax House Price index – the first quarterly fall since 2000.