British households are spending almost one-third (30 per cent) of their total outgoings every month on mortgage payments.
This is according to a new report published by housing investment and shared equity mortgage provider Castle Trust, which found there are significant differences in expenditure across the UK.
It revealed there is a ten per cent gap between the highest and lowest amount spent on mortgages, with the most being shelled out in the south-east of Britain (32.1 per cent) and the least in Northern Ireland (22.4 per cent).
Sean Oldfield, chief executive officer of the firm, said even though mortgage rates are currently well below their historic average, payments represent a large portion of monthly spending and homeowners are at risk of suffering increases in these costs.
He added: “The risk of rising mortgage rates is a major issue for homeowners with their finances already under pressure and shared equity can play a major role in reducing risks.”
Recent research carried out by MoneySupermarket revealed mortgage rates in the UK have fallen to an all-time low, but the range of products available has risen by 37 per cent.