Many struggling with mortgage payment

The average homeowner spent just 15.4 per cent of their take-home pay on mortgage repayments in December, the lowest level since Barclays first started carrying out the analysis in 2002.

The group, which analysed transactions from 1.3 million current accounts, said the high levels of affordability had been caused by the record low level of the Bank of England base rate, as well as pay rises people had received since interest rates first fell.

But 16 per cent admitted that their mortgage was now less affordable than it had been a year ago, 36 per cent of whom said this was because their salary was now lower, while 29 per cent said their outgoings had increased.