Figures from Money Expert show that there were more than 2.3 million consumers from around the country who took out a fixed-rate arrangement in 2004-05 and all these people are vulnerable to heightened repayment demands.
Assessing the relevant mortgage deal data, Money Expert suggests that borrowers moving from a fixed-rate deal secured two or three years ago could face paying out an extra Â£200 or more if they move to a standard variable rate arrangement now.
Sean Gardner, chief executive of Money Expert, said: “Anyone moving off a fixed rate they took out in 2004 or 2005 is likely to see some increase in their monthly repayments as rates have moved up.
“However, there is a massive difference between the average fixed rates around now and lenders’ standard variable rates and anyone who fails to look for a new deal will feel the difference in their pocket.”
Earlier this year, the not-for-profit Consumer Credit Counselling Service suggested that mortgage borrowers are likely to be “on the rack” financially throughout 2007.