More than one in seven could struggle if the Bank of England decides to increase interest rates by 0.25 per cent on Thursday, research suggests.

According to online mortgage firm mform.co.uk, around 6.5 million people, or 14 per cent, say they will struggle with monthly payments.

And the numbers feeling the pain with their mortgage will rise to nearly one in five if rates rise by 0.5 per cent from the current 5.25 per cent to 5.75 per cent, the research found.

Mform.co.uk is urging borrowers to act now to ensure they are getting the best possible deal on their monthly mortgage payments.

It estimates that around £100bn of fixed-rate mortgages are set to end this year and that customers who don't move to another special deal could face annual increases of up to £1,021.

Eamonn Rice, mform.co.uk: "Borrowers have got used to low interest rates and many haven't adjusted to the fact that we may now be entering a period of higher rates."

Eamonn Rice, mform.co.uk chief executive, said: "A Bank of England rise from 5.25 per cent to 5.5 per cent will take interest rates to their highest level for six years.

"And there is no guarantee that a 0.25 per cent rise will be the last this year.

"Borrowers have got used to low interest rates and many haven't adjusted to the fact that we may now be entering a period of higher rates.

"Anyone who hasn't acted in the face of the three Bank of England rises since last August should start now.

"There are plenty of competitive deals available from mortgage lenders and it is possible to ensure that your monthly mortgage payment is affordable. But if you do nothing you will struggle if you are on a variable rate."

People aged between 35 and 44 are the most worried about rate rises - 20 per cent say they’ll struggle with a 0.25 per cent rate rise.

That figure increases to 29 per cent following a 0.5 per cent jump.

Across the country, 18 per cent of people say they'll struggle if rates increase by 0.5 per cent, with those in London and the North of England the most worried.

People living in Scotland are the least concerned about mortgage rate rises, the research suggested.