Ten ways to cope with the double-dip With the cost of living rising daily, and Britain entering another double-dip recession, one of the only thing that has been keeping many people's finances afloat in recent years has been the rock-bottom cost of their mortgages, writes Rosie Murray-West. For a million people on standard rate mortgages, however, this is about to change. For now, the Bank Rate remains at a record low of 0.5pc, but many lenders intend to raise interest rates soon, blaming increased funding costs. For Halifax customers, the biggest group affected, the change to the standard variable rate (SVR) would add an extra £480 a year to the cost of a £150,000 loan. Figures from Which? show that 20pc of all homeowners would not have enough money for food if their repayments rose by £100 a month, while 11pc would not have enough if repayments increased by £50 a month. According to Which?, many consumers describe rises in mortgage payments as "devastating." So take the 10 steps below to ensure you are as prepared as possible for the bumpy ride ahead. Be wise with your mortgage It is time to take a long, hard look at your mortgage terms and conditions. Ray Boulger, from brokers John Charcol, says that mortgage companies are looking at ways to legitimately raise rates for anyone whose mortgage is not fixed. Even some tracker mortgages come with terms and conditions that enable them to be "delinked" from the Base Rate after a certain period. If your deal is coming to an end, or you fear that your standard rate may be raised, it's vital to think ahead about how you will cope. It is harder than it used to be to get a mortgage deal, and if yours has been interest-only, you will find companies have tightened their criteria. Plan now. If you think you might want to change lenders, check your credit rating (you can do this free at noddle.co.uk), since this will have an impact on what deals you can get. Think about whether you can afford to overpay your mortgage now, in order to remortgage later with more equity in your house. As a rule, you will be able to access better interest rates if you have a larger deposit. Picture: Getty Images