A Suffolk expert has warned of a "worrying" trend in mortgage repayments after new data revealed they have more than doubled in the last decade.
The latest market analysis has revealed that the average monthly cost of repaying a mortgage has climbed by 56% in the last decade, with a further 8% increase forecast by the end of the year.
Based on the average UK house price of £278,071, minus a 15% deposit, UK homebuyers require a mortgage loan of £236,30 in the current market.
With the current average rate for a standard variable rate mortgage set at 5.17%, the average homebuyer is repaying £1,405 per month on their mortgage.
After adjusting for inflation, this is 26% higher than five years ago and 56% higher than the average repayment of £899 10 years ago.
Joanne Leek, a mortgage expert from Suffolk Building Society, said that while this research presents another "worrying" topic for mortgage borrowers and would-be first-time buyers, it should be taken with a pinch of salt.
She added: "Whilst the mortgage payments are calculated on a Standard Variable Rate (SVR), generally a borrower would only pay a lender's SVR if their previous mortgage product had expired, as most borrowers opt for a fixed or variable rate mortgage deal for a set period of time."
Ms Leek offered her advice to prospective buyers or those re-mortgaging, saying they should always consider speaking to an independent mortgage broker.
She added: "They will be able to assess your circumstances and find the best possible solution in the market.
"Whilst the interest rate payable is, of course, an important consideration, it is also essential to consider factors such as fees and charges, tie-in periods, overpayment allowances and more."
Previously, data revealed that the average deposit size in the East of England has grown by 108% in the last year.
Max Turner, who leads the new homes team at Savills in Suffolk, said: "With strong price growth across the housing markets the path to homeownership has only become steeper.
"Increased costs of living, higher national insurance and the prospect of a lower threshold for student loan repayments will also make saving for a deposit all the more challenging."
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