This is the worrying light which Moneynet.co.uk has shed on the ability of a large proportion of remortgagors to secure adequate finance on their property when their current deal comes to an end.
Over half (55 per cent) of the borrowers surveyed are on a fixed or discounted deal coming to an end this year or in early 2009, therefore any falling into both categories are running a significant risk.
Adding to this, the research revealed that over a third are servicing a mortgage debt equating to a sum three times greater than their current gross annual income.
Moneynet.co.uk chief executive Richard Brown said: “Fewer and fewer lenders will be prepared to offer competitive alternative deals to anyone who is considered at risk of default.
"These borrowers will have little choice but to accept what their present lender is prepared to offer when their current deal comes to an end.”
He added: “Nearly 10 per cent of respondents admitted that they reckon they are at risk of missing mortgage payments in the coming year, with a staggering 22 per cent prepared to consider using other means of credit to meet their mortgage repayments.”
“Anyone finding themselves getting into problems with their mortgage payments or other debt are advised to seek help at an early stage - the worst thing to do is to bury your head in the sand."
