The research by financial planning firm Saltus questioned people with assets of £250,000 or more, including property.

The study asked if rising mortgage rates have/would rise to a level that would place strain on household cashflow. Almost nine in 10 (86%) said yes, and of those, 39% said rising rates already had placed a strain while 47% said further rate rises would.

When asked how they will cope with the extra cost, 41% said they would cut down on personal spending, 35% would decrease their travel spend, and 23% said they would have to reduce their pension contributions.

Mike Stimpson, partner at Saltus said: “The recent increases in mortgage rates were already having a significant impact on homeowners across the UK. In May the average two-year fixed rate was 5.26% – now, after rising steadily – the average deal is at a 15-year high of almost 7%, so it is safe to say a huge number of people will be struggling to cover the rising costs.

“The Bank of England has warned that around one million households will be facing a £500 hike in their monthly payments by 2026, which is £6,000 a year extra – a hit very few will be able to absorb, especially with pay failing to keep pace with inflation.”

Stimpson added that further research revealed eight in 10 parents are helping support their adult children financially, with 23% to cover mortgage payments specifically – despite the fact many are struggling with extra expenses themselves.

He said: “For many, there is only so much ‘cutting back’ that can be done. As a result, one in five say they will have to reduce their pension contributions to cover rising mortgage costs. Whilst reducing pension contributions may seem like a good solution, people need to be wary of cutting back on longer-term investments in order to cope with the current strain.”