A Castle Trust report found that across the UK the average monthly mortgage payments make up 30% of a household’s total outgoings.

Households in London spend an average of £716.80 on mortgage payments each month, the biggest sum in the country, compared to Northern Irish households which spend just £438.40 every month.

That figure meant that homes in Northern Ireland also spent the lowest proportion of their monthly spending on mortgage repayments, taking up less than a quarter (22.4%) of their outgoings each month. In contrast, mortgage payments took up 32.1% of spending in the South East of England.

Castle Trust also found that homeowners in the North East (31.5%) spend more of their total monthly expenditure on mortgage payments than in London (31.2%).

Sean Oldfield, chief executive officer at Castle Trust, said: “Even with mortgage rates well below their historic average, mortgage payments represent a significant proportion of a household’s monthly spending, with major differences from region to region.

“Households are vulnerable to any rise in their mortgage rates.

“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, including the risk of going into arrears, by cutting monthly mortgage commitments.”