Clients brace for 35% payment hike

Borrowers coming off five-year fixed rates could see their repayments rise by as much as 35%, claims analyst Mortgage Monitor.

It estimates that this could cost the 340,000 affected borrowers a staggering £1bn extra in repayments.

The survey found that 23% of clients are anxious about higher repayments while 5% admit they have no idea how they will foot the bill.