Falling behind on your mortgage payments is never a desirable situation to find yourself in.

However, in the current financial climate it is a predicament that may become a reality for many people whose mortgages have rocketed in price.

People faced with this undesirable situation are often tempted to bury their heads in the sand and pretend it isn't happening to them, while the penalty fees are stacking up in the background with every late payment they make.

This week the Council of Mortgage Lenders (CML), which is the trade association for the mortgage lending industry, has spoken out on the issue and given mortgage holders some sound advice.

Bernard Clarke, spokesperson for the CML, said: "The most important thing is to talk to their lenders if they think they are going to have a problem - even before they miss a payment.

"Lenders have a range of options to help people depending on their circumstances and the range of options available is widest if the borrower talks to the lender at the earliest opportunity."

This is advice which should be of use to a wide number of people, as research firm AXA reports that 90 per cent of single earner families in the UK currently hold mortgages.

Worryingly, only 16 per cent of these families insure themselves against not be able to meet mortgage repayments.

Payment protection insurance means that if for some reason - be it illness or rocking mortgages expenses - a family cannot pay their bills for a sustained period of time, the broker will cover the costs.

This type of insurance will normally last for as long as a year and can mean the difference between a home being repossessed or not for a family struggling financially.

However, those who have not taken out such insurance are advised that there are still options available to them if they open communications with their lender.

Mr Clarke added: "There are a number of things lenders might do [for someone unable to meet repayments] depending on their circumstances. They might consider re-scheduling the loan, and there are possibilities for extending the term of the loan which could reduce payments."

He stressed that all of these possibilities are dependent on an individual's circumstances, i.e. the reason they cannot pay, their salary and likelihood of being able to pay in the future.

Mortgage holders are urged to sit down with their borrower and work out a new plan that is realistic and will fit their needs, in order to avoid penalty charges or even losing their home.

For now, this careful consideration of how to deal with defaulting on mortgage repayments may be premature.

The latest figures from the CML reveal that there has been no significant deterioration in arrears and repossessions against their earlier forecasts.

Although, the number of repossessions taken by first-charge mortgage lenders is forecast to rise from 27,100 last year to 45,000 this year.

However, with an unstable financial market being well prepared never did anyone any harm.