Of this group, 9% of mortgage holders think rates are higher than they have been for a while, according to the Shelter research.
With the March interest rate decision set to be announced at midday today and another hold at 0.50% widely predicted, Shelter is warning the equivalent of 2.8 million homeowners may be completely unprepared for the costs of rising interest rates based on their lack of interest rate awareness.
Shelter said this is a concern when many are already finding it difficult to keep a roof over their head.
Many savvier homeowners are using the historic low rates to overpay their home loans although the British Chambers of Commerce predicted yesterday that rates will rise in May.
The average outstanding mortgage rate over the last ten years has been 5.15%, where the average rate paid in the UK in Januray 2011 was 3.50%.
The research by Shelter showed the number of homeowners struggling to pay their mortgage has risen by 78% in a year while the number of people using credit cards to help pay their rent or mortgage has increased by 50%.
Campbell Robb, chief executive of Shelter said: “It is frightening to think so many homeowners are completely unaware that interest rates are at a record low. This research makes us extremely concerned that millions will be financially unprepared when interest rates go up and won’t have plans in place to manage increased costs.”
The charity said mortgage costs will rise alongside the cost of other credit including credit cards.
“Millions of homeowners could be pushed to the brink unless they start making preparations now. We are urging people to find out if rising interest rates will affect them and prepare themselves for increasing mortgage costs by seeking advice early to help avoid putting their home at risk,” said Robb.
