Around 1.1 million households will see a mortgage hike before a potential general election in November.
According to research by the Liberal Democrats, which used Financial Conduct Authority (FCA) data, 1.1 million fixed rate terms will end between February and October, and of these, 700,000 fixed rate mortgages will expire between May and October.
A typical homeowner will have seen their monthly mortgage interest payments go up by £240, equivalent to a 39% rise.
Around 120,000 will see their mortgage deals come to an end each month, or over 4,000 per day.
The Liberal Democrats are calling on the Government to introduce a mortgage protection fund to support struggling families, paid by reversing Conservative tax cuts to the bank.
Sarah Olney MP, the Liberal Democrats’ treasury spokesperson, said: “Every day, thousands more homeowners are being hit with an astronomical rise to their monthly mortgage bills. This is a devastating blow to family finances in the middle of a cost-of-living crisis.
“It is scandalous that families are being left to pick up the tab for Liz Truss crashing the economy. Rishi Sunak needs to help out those at risk of losing their homes over the Conservative Party’s economic vandalism.
“We need a general election now to end this Conservative chaos. The sooner we put this Conservative Government out of its misery, the better for the economy, the country and the money in people’s pockets.”
