With the recent credit crunch affecting the mortgage market home owners are highly likely to need to remortgage within the next 12 months.

The Telegraph reported many could suffer from payment shocks as fixed-term deals on lower rates expire and they have to rearrange loans on tougher terms because of the credit crisis.

Many mortgage experts suggest up to half a million home owners could have financial issues.

A fixed rate mortgage provides a set interest rate for an initial period at the start of your mortgage this varies between 2-5 years. When this rate ends your mortgage payments will be set around your mortgage provider’s standard variable rate.

Ray Boulger who works for the mortgage broker John Charcol said "People are talking about 1.4m homebuyers being affected but the real figure is nearer 3m if you take account of all the tracker mortgages that are coming to an end, not just the fixed rate deals,"

It looks like the mortgage market will be a busy one over the next 12 months. As those starting on standard variable rates will be looking for a better deal resulting in a rise in remortgages.