Borrowers applying for a mortgage between December 2006 and November 2007 saw their repayments rise by 17.6 per cent to breach the £7,700 barrier.
Higher interest rates have primarily contributed to this increase, with shopping around for products taking on a renewed importance.
Francis Ghiloni, marketing and business development director, mform.co.uk said: “With the current credit crisis, the cost of borrowing has increased dramatically, and this has fed through to homeowners who now have to pay much more for their mortgages.
"An increase of 17.6 per cent in mortgage interest repayments is a huge hit to any family budget, which many homeowners are finding difficult to cope with.”
