Considering that nine out of every ten borrowers are currently on special-rate mortgage deals, getting independent advice when remortgaging has never been more important.
Borrowers coming off a fixed rate currently face an average hike in interest rates of 1.5 per cent when taking out a new product, more so for the 18 per cent of borrowers who originally fixed at a rate between 4.0 and 4.5 per cent.
According to the Fool.co.uk research, 41 per cent of remortgagors have been offered standard variable rate mortgages of between 6 and 7 per cent, while one in four have been told that their repayments will be calculated at between 7 and 7.5 per cent.
A typical 25-year repayment mortgage of £200,000 fixed at 4.8 per cent will generate a monthly repayment of £1,146, however every 1 per cent rate increase will push repayments up by around £120.
Some borrowers plan to extend their loan period as a result, but 5 per cent plan to cut their losses and go back into the rental market. One in 25 will take on an extra job to cope with the financial strain.
With UBS revealing further losses and Lehman pulling out of the mortgage market this week, conditions do not look like they will ease anytime soon.
However a rate cut could help reduce this build up of financial pressure, with Pink research showing that 54 per cent believe interest rates will be cut on 10 April.
