According to Revolution Brokers research, this is based on average mortgage repayment for a standard variable rate mortgage at 85 per cent loan to value (LTV).

The report added that this is the second largest increase in household bills after annual energy bills, which have risen by over half, 54 per cent, from £1,277 to £1,971 per year.

However, mortgage payments are typically the largest financial commitment in a household and noted that that the average mortgage deposit at 15 per cent has risen from £40,415 to £43,818.

The report said the annual cost of average rent has risen by nine per cent in a year from £12,636 per year to £13,716.

The report added that average annual household food and drink spend has gone up £3,280 to £3,601 and household water and sewerage bill has increased from £412 per year to £419.

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Revolution Brokers: ‘Mortgage commitment…the most substantial outgoing’

Founding director of Revolution Brokers, Almas Uddin, said: “Much of the focus around the current cost of living crisis has been on the soaring cost of our energy bills, and for good reason. Not only have they seen by far the most drastic increase, the intended energy cap increase will see this cost climb even higher.

He added: “However, it’s our mortgage commitment that remains by far the most substantial household outgoing and this cost has also been increasing since the first base rate hike back in December of last year.

“While it may have increased at a lower rate in percentage terms, this equates to a sizeable jump in pounds and pence and with the Bank of England announcing another notable interest rate increase last week, this cost is only going to grow.”