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 Many mortgage borrowers face financial difficulties because mortgage lenders have increased the rates of interest charged on their deals.
That is according to mform, which has carried out research revealing that the average mortgage saw its interest rate increase by 17.6 per cent between December 2006 and November 2007.
It means that many people are struggling with financial difficulties as they try to keep up with mortgage repayments.
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"With the current credit crisis, the cost of borrowing has increased dramatically, and this has fed through to homeowners who now have to pay much more for their mortgages," said Francis Ghiloni from mform.
"An increase of 17.6 per cent in mortgage interest repayments is a huge hit to any family budget, which many homeowners are finding difficult to cope with," he added.
The latest figures follow a recent revelation from Moneysupermarket that there are inconsistencies in the amounts lenders charge customers when they miss a mortgage payment.
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