Martin Bamford, chartered financial planner at Informed Choice, said: "Arrears and repossessions are at very low levels, after years of next to zero interest rates and rising employment. A no-deal Brexit scenario could result in a rise in arrears, although any economic outlook is very uncertain.
"Banks will no doubt be modelling for a range of possible outcomes and ensuring they have sufficient capital reserves to cope with the worst possibilities.
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"Borrowers should be taking advantage of such low interest rates on offer and overpaying their mortgage or building up a reserve of savings, so they can cope financially when the next economic shock arrives, whatever the cause."
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