Research from the website found nearly 35% of mortgage borrowers are juggling a debt more than three times their gross annual salary. Furthermore, nearly 30% of borrowers surveyed have borrowed more than 80% of their home’s value, while nearly 15% have borrowed more than 90% of the value. Nearly 4% borrowed in excess of 100% of their property’s value.

Richard Brown, chief executive of Moneynet, said: “Many of these borrowers are likely to find it very difficult to remortgage now that the days of easy borrowing have come to an abrupt end. Fewer and fewer lenders will be prepared to offer competitive alternative deals to anyone who is considered at risk of default. These borrowers will have little choice but to accept what their present lender is prepared to offer when their current deal comes to an end. The worst thing you can do is to bury your head in the sand – seek help and talk to your lender as soon as you feel yourself getting into difficulty.”

Learn about bad credit mortgages here, or use our mortgage calculators to help you calculate exactly how much you can borrow.