A third of a million homeowners are struggling to meet their monthly repayments as fixed-rate deals expire this year, Channel 4 News reported today.

As in previous years, analysts say, UK mortgage borrowers are more inclined to opt for a fixed-rate mortgage deal as a result of the unstable climate that has prevailed in the UK property market. According to Nici Audhlam from Abbey Bank, “The findings from re-mortgage indexes done in the past show that the appetite for fixed-rate mortgages had remained high despite widespread agreement that rates would continue to fall”. Audhlam added that people were choosing fixed-rate deals in an attempt to regain control during times of uncertainty in the property market.

Recent research conducted by Mortgage Monitor Analysts reveals that a vast majority of people who had taken out fixed-rate mortgages in the past are now struggling to meet their monthly repayments. As the fixed-rate deals expire this year, monthly repayments have increased by more than 35%.

A survey of 1,143 mortgage holders found that one in five had become more anxious about keeping up with repayments. One in 20 of those on fixed rates – nearly 70,000 people – admitted that they had no idea how they would foot the bill when their current rate expires.

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