More than half of homeowners have seen their monthly mortgage payments go up since December 2021, with 30% struggling to meet the increased costs, research has found.

A new survey by Barrows and Forrester revealed 57% of homeowners have seen their monthly mortgage bill go up since interest rates started rising.

For 54% of those, the increase has been less than £100 per month, while mortgages have gone up between £100 and £250 for 28% and 18% have been hit with increases in excess of £250.

With finances already tight, this led to 30% stating they are now struggling to cover the higher mortgage payments, leaving them in financial turmoil.

Today’s inflation news didn’t bring much relief either, remaining in double figures for another month.

While only one in ten are considering selling up as a result, 30% are worried that the value of their home may have reduced in the current market.

Barrows and Forrester managing director James Forrester comments: “We’ve seen interest rates rise consistently now for over a year and this will have put inevitable pressure on many homeowners who will have seen the cost of their mortgage increase as a result.

“The silver lining is that only a relatively small proportion are now struggling with the cost of their monthly mortgage repayments and an even smaller number are considering selling their home as a result.

“Of course, this will come as little comfort to those who are struggling and in this instance, you should speak to your lender sooner rather than later. They will do what they can to help ensure you are able to maintain your payments and avoid defaulting on your mortgage.”

Forrester remains hopeful that ‘things should start to improve over the year ahead’.