Two out of five homeowners are "concerned" about the financial impact of what will be the first base rate hike since 2007, new research from Halifax shows.
Homeowners in the South East are particularly worried, with 53% fearing the impact rising rates could have on their monthly mortgage repayments over the next 12 months.
This follows Wednesday's news that two members of the Bank of England's Monetary Policy Committee voted to raise interest rates by 0.25% in the August meeting.
The first split MPC vote in three years revived speculation that interest rates could rise in 2014, although the consensus is that early 2015 is more likely.
The Halifax research showed that 13% of mortgage holders would find it difficult to afford their monthly mortgage repayments if they rose by just £50 a month.
That rises to 33% if rates rise by up to £100, or 42% for those on variable rate mortgages.
Some 30% said they would have to reduce spending on everyday essential items such as food, energy, clothing and insurance as a result. This rose to 39% for Londoners.
Homeowners in the North East, Wales and Scotland were least worried about the prospect of a base rate hike.
Craig McKinlay, mortgages director at Halifax, said that with speculation of a base rate rise high on the news agenda, he would have expected even more homeowners to be concerned.
"However, with base rate historically low, and the Bank of England reinforcing its position that there will not be a rush of successive rate rises, it is understandable as to why the perceived impact of future rises is being dampened and homeowner sentiment is reflecting this."
Many homeowners will face a major adjustment when rates do rise, McKinlay said.
"With base rate remaining at 0.5% for over five years, a significant number of homeowners have not yet experienced the effects of a rate rise.
"While responsible mortgage lenders take in account potential rate increases as part of the affordability checks in the mortgage application process, the way in which people manage their remaining disposable income will be a key factor in how well they can adjust to any changes in rates."
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