The data comes as 3,300 mortgage borrowers come to the end of fixed deals each day and now have no choice but to take out a more expensive product, according to the Liberal Democrats.

The political party used data from UK Finance, which shows that 600,000 fixed rate deals are coming to an end in the second half of 2022.

Chancellor Kwasi Kwarteng was set to give his fiscal plan on 23 November – but the Lib Dems have called for the event to be brought forward and emergency support given for homeowners on the brink.

It is expected to be brought forward to 31 October.

Liberal Democrat leader, Ed Davey, said: “Every day the government fails to defuse this mortgage ticking time bomb, thousands more homeowners are being hit with staggering hikes to their bills.

“But Kwasi Kwarteng has shown he doesn’t get it or doesn’t care. He may see it as just a ‘little turbulence,’ but for people facing a catastrophic increase to mortgage payments it could mean losing their homes.

“Conservative MPs must act now to help struggling mortgage borrowers on the brink.

“The Conservatives created this mortgage nightmare with their disastrous and out of touch Budget, now they need to take action to fix it.”