Around a quarter of a million mortgage-holders will migrate to a standard variable interest rate on their products between October and December 2007 - as the fixed rate on their mortgage matures, a new report claims.

A study from Nationwide states that monthly mortgage repayments for these individuals is likely to increase by an average of £200 as a result of the interest rate change, with the average rate on a two-year fixed being just 4.56 per cent.

In comparison, the average rate on a standard variable rate will be around 7.75 per cent, Nationwide claims. Even if these "rate-shock" borrowers try to get another two-year deal, the average fixed rate is now around 6.41 per cent, a rise of 1.8 per cent.

"For some borrowers it will come as a quite a fright to see their mortgage payments increase dramatically," Matthew Carter, Nationwide's director of mortgages, said.

"To absorb some of this shock, borrowers need to consider remortgaging as soon as their deal ends, or beforehand if their lender allows it. Those who prefer to avoid the unexpected may be thinking about fixing for a longer period."

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