The number of people missing mortgage payments has more than doubled since the start of the year as the impact of rising interest rates is beginning to bite, according to research released today.

The study by moneyexpert.com, a price comparison site, estimates that 77,000 mortgage payments are being missed every month, up from 36,000 at the beginning of the year. The research also indicates that the proportion of take-home pay that people are spending on household costs has risen from 33 per cent in 2003, to 44 per cent this year.

The Consumer Credit Counselling Service says that it is not just those on lower incomes that are being hit by higher borrowing costs. Many middle class families are also struggling to make ends meet because of the strain huge mortgage payments place on the monthly budget.

Sean Gardner, of Moneyexpert, said: “We are a long way from the dark days of the late 1980s and early 1990s when more than a million lost their homes, but many households are struggling. Missing a mortgage payment is a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible.”

Homeowners should also prepare themselves for worse to come – around 60 per cent of economists believe the Bank of England will hike rates by another quarter point before the end of the year. This would take the Bank rate from 5.75 per cent to 6 per cent, its highest level since 2000.

David Hollingworth at L&C Mortgages, a broker, said: “If you are having difficulties making your mortgage payments then speak to your lender as soon as possible and try to work out an alternative repayment system.”

You may be able to save money by re-mortgaging. However, check that you will not be charged a penalty if you leave your current deal as an early redemption charge may outweigh the savings than can be made by switching.

Anyone paying their lender’s standard variable rate (SVR), will almost certainly be able to slash their repayments. The typical SVR will rise to 7.75 per cent following last week’s rate rise. Someone with a £150,000 25-year repayment loan could cut their repayments from £1,133 a month to £925 by switching from a lender with an SVR of 7.75 per cent to Stroud & Swindon’s two-year fix at 5.54 per cent – saving them £2,496 a year.

If you are tied into your current deal and are unable to re-mortgage, you may be able to change the terms of your mortgage to help bring the cost down. If you have a repayment loan, your lender may agree to you switching to an interest-only basis, which would bring your monthly payments down. Alternatively, you could extend the term of the loan. Again this would reduce the repayments. Your lender may also allow you a two or three month repayment holiday to help you sort your finances out. However, remember, there are consequences to all of these as your mortgage does eventually have to be repaid.