Around 1.4m borrowers are likely to face higher mortgage costs in 2008 when their fixed rate mortgages come to an end, according to the Financial Services Authority (FSA).

Supported by members of all sides of the House of Commons, the Money Advice Trust has been working with the Council of Mortgage Lenders (CML) to publish advice for these borrowers.

Joanna Elson, The Money Advice Trust’s chief executive, said “The idea behind the initiative is to give free early advice to these borrowers coming off their fixed-rate deals and highlight key sources of independent and free confidential advice, such as adviceUK members, Citizens Advice Bureaux, Business Debtline, National Debtline and the Consumer Credit Counselling Service.

“We have already seen a 16% increase between 2007 and 2008 in clients contacting National Debtline for advice regarding mortgage and secured loan arrears and we fear that people really are starting to struggle with their mortgage payments as credit becomes more expensive to service. Our experience suggests that if you do get into difficulty, seeking free independent advice as soon as possible is the best option to help you sort out your problems. There is always something that can be done and the earlier you seek advice the more options you will have.”