Furthermore, a quarter of these worried homeowners said that they had no measures in place to meet these costs should they end up in the worst case scenario in the next twelve months.
The research, conducted by TNS, was conducted amongst a sample of 2011 adults, 573 of whom were mortgage holders.
In response, the FSA has launched a £2 million advertising campaign on its Moneymadeclear website, designed to combat this widespread uncertainty.
By highlighting the importance of making a thoroughly informed decision, the regulator hopes to change the way consumers view their mortgage commitment - placing a greater deal of emphasis on choosing the right product for their situation and not simply plucking it off the shelf.
Fixed rate and discount deals are to draw a lot of the focus in a bid to directly target those coming off existing deals.
The 'stay in control of your mortgage’ checklist outlines budgeting issues, asking the borrower to think about how they would cope in the event of increased repayments, and urges them to consider seeking professional advice.
Chris Pond, FSA director of financial capability, said: "As the UK's financial watchdog we can help. Our new checklist sets out simple steps that homeowners can take to manage their money and mortgage in difficult times."
