A new analysis by the bill management app Nous has revealed a significant financial risk for over 350,000 households this winter.
These homeowners are at the end of low fixed-rate mortgage deals, many of which were taken out between late 2020 and early 2023.
The report warns that typical borrowers could face annual bill hikes of nearly £4,000.
For example, someone with a £200,000 loan, whose rates have jumped from a 2020 average of 1.88% to around 5% today, could see their monthly payments increase by £333, or £3,996 a year.
The pain is even greater for larger loans, with a £500,000 loan potentially seeing an £833 monthly increase.
This comes at a time when families are already struggling with rising water and council tax bills, as well as an expected increase in energy prices.
Despite a recent base rate cut by the Bank of England, major lenders like Nationwide and Halifax have already raised some fixed-rate products.
This has led to a wider round of rate hikes, adding hundreds of pounds to annual payments for some borrowers.
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