The average monthly cost of repaying a variable mortgage has climbed by 56 per cent over the last decade, with a further eight per cent rise forecast by the end of 2022.

According to research from Revolution Brokers, based on the average UK house price of £278,071, minus a 15 per cent deposit of £41,711, UK homebuyers require an average mortgage loan of £236,360 in the current market.

The current average rate for a standard variable rate mortgage is 5.17 per cent, so the average homebuyer is repaying £1,405 per month on a mortgage.

After adjusting for inflation, Revolution said, this is 26 per cent higher than five years ago, where average repayments were £1,115 per month. It is also 56 per cent more per month than the average repayment of £899 10 years ago.

This increased monthly cost has been driven by the increased cost of buying a home, with the average UK property increasing in value by 26 per cent in the last five years, and 65 percent up in the last decade. The average standard variable rate has increased by 0.95 per cent in the last 10 years.

The broker said that average repayments would continue to climb, pointing to rising house prices, interest rates and mortgages rates.

By the end of this year alone, house prices are predicted to climb by a further 2.3 per cent. The average mortgage rate is also expected to increase by 0.5 per cent, Revolution said, a fatter increase in just a few months than the 0.16 per cent rise during the past five years.

The broker said this would see the average monthly cost of repaying a standard variable rate mortgage climb by a further £107 per month to £1,512, costing households nearly £1,300 more per year.

Almas Uddin, the founding director of Revolution Brokers, said: “It’s certainly looking like a tough couple of months ahead with house price growth showing no signs of slowing, while mortgage rates are also set to spike by quite some margin when compared to the increases seen over the last decade.”

The mortgage advisers Revolution Brokers said it looked at the average monthly cost of repaying a mortgage based on the average property value minus a 15 per cent deposit and using the average standard variable rate mortgage fee for a 25-year term, as well as how this has changed over the last decade after adjusting for inflation.