Almost half (47%) of mortgage holders have seen their mortgage payments increase by an average of £234 per month in the past 12 months, Bluestone Mortgages has revealed.
This equated to £2,808 over the year.
Younger borrowers were hit with the greatest increases of £288 per month, compared with £156 for those over 55-years-old.
For those who have seen their mortgage payments increase in the last year, 52% said this was because their fixed-rate mortgage came to an end.
Two-fifths (40%) said their payments increased as they are on a Standard Variable Rate (SVR).
To keep up with rising payments, 16% of mortgage holders overpaid while on a lower rate, 7% switched to an interest-only deal, while 7% asked their lender for a mortgage holiday.
Nearly a tenth (9%) borrowed money from their family, and 5% borrowed from friends.
Steve Seal (pictured), CEO of Bluestone Mortgages, said: “As inflationary pressures and rising cost of living continue to squeeze the nation’s pockets, borrowers are no doubt feeling anxious about how they are going to balance increased mortgage payments with their everyday bills.
“However, there is a glimmer of hope on the horizon as following two consecutive rate holds, lenders are starting to drop their rates, which will ease affordability pressures.
“For those still concerned, remember that there is help at hand, whether that be opting for a product transfer, asking for a payment holiday or being signposted to specialist support.
“The earlier they engage, the sooner they will receive the tailored support they need for their unique circumstances to make their homeownership dream a reality.”
