And 7.9% said they would be forced to sell their home if rates rose to 3%.
For every £100,000 borrowed such a rise could result in borrowers paying back £150 more per month.
Ian Williams, spokesman for Ocean Finance, said: “Clearly it is likely to take a while for rates to rise by 3%.
“But if they do go up by that much over the next couple of years it’s worrying to hear that nearly half of mortgage borrowers are concerned about how they would keep up with the repayments - especially when one in 10 are already behind with their payments.
“If homeowners are currently on a variable rate or tracker mortgage and are concerned about how rate increases might affect them, they could seek out professional advice to find out if switching to a fixed rate mortgage could be beneficial.”
One in three (37%) said they would cut back on all non-essential spending, while a further third (33%) claimed they would also reduce some essential spending.
More than one in 10 (11%) claimed they would work more hours to afford their increased repayments and maintain their lifestyle.
Just one in five (19%) said they could comfortably manage with a 3% rate rise.