Over a million households in the UK are expected to face an increase in their mortgage rates before the General Election if it is held in November, the Liberal Democrats party have warned.

The House of Commons Library research, which was commissioned by the Lib Dems and is based on data from the Financial Conduct Authority, revealed that 1.1 million fixed term mortgage deals are due to come to an end between February and October.

Furthermore, around 700,000 fixed rate mortgages are set to expire between May and the end of October.

The political party said this means Prime Minister, Rishi Sunak, will “face the wrath of even more voters who are being stung with sky-high mortgages if he delays the Election until November”.

The research also found that a typical homeowner seeing their deal come to an end will see their monthly mortgage interest payments increase by £240 (39%).

An estimated 120,000 will see their mortgage deals come to an end each month, or over 4,000 a day.

The Lib Dems are therefore calling on the Government to introduce an emergency mortgage -protection fund to support struggling families at risk of losing their home, paid for through reversing Conserative tax cuts to the banks.

Treasury spokesperson for the Liberal Democrats, Sarah Olney MP, said: "Every day, thousands more homeowners are being hit with an astronomical rise to their monthly mortgage bills. This is a devastating blow to family finances in the middle of a cost-of-living crisis.

"It is scandalous that families are being left to pick up the tab for Liz Truss crashing the economy. Rishi Sunak needs to help out those at risk of losing their homes over the Conservative Party’s economic vandalism.

"We need a General Election now to end this Conservative chaos. The sooner we put this Conservative Government out of its misery the better for the economy, the country and the money in people’s pockets."

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