Adam Oldfield, chief revenue officer at Phoebus, says:

“Unfortunately, with around 370,000 borrowers coming off fixed rate deals between April and June (ONS), the likelihood is that this trend will continue and is almost certainly going to get worse.  This is especially true if, as many expect, the Bank of England continues to put the base rate up.

“Once again there will be a great responsibility for lenders to identify borrowers that may be getting into difficulty and manage the situation with care.

“With Consumer Duty rules coming into force at the end of July that responsibility becomes more onerous, and every lender will need to ensure they have all their systems aligned to ensure the best outcomes for their borrowers.”