You may find your repayments rising dramatically when new legislation comes into force.

Interest-only mortgage holders could face massive rises in monthly payments if they have to change mortgages, following the introduction of tough rules on interest-only mortgages by lenders, a survey has found.

Interest only borrowers are expected to make sure they have a means of repayment in place to pay off the capital at the end of the deal, however, not everyone is in that position.

Tighter regulations are being introduced by the FSA in 2014 and in response many mortgage lenders have withdrawn from interest-only lending. Other lenders have tightened the criteria on which they will offer the loans.

It means many homeowners nearing the end of their mortgage deal will be unable to shop around and switch providers unless they can show proof of an acceptable repayment method such as an equity Isa, pension or endowment.

In many cases they will face an increase in monthly costs, which has prompted a large number of homeowners to state that they will no longer be able to keep up with the mortgage.