Typical annual mortgage costs have fallen by nearly a quarter over the past five years, according to latest research by Halifax.
Average repayments over the course of a year fell from £4,521 in 2008 to £3,571 in 2013, highlighting the impact of mortgage rates being cut significantly by lenders since the height of the credit crisis.
Additional research by Moneyfacts found that the average two-year fixed mortgage rate has reduced from 6.34% in April 2008 to 3.83% today.
In stark contrast, Halifax's research also revealed the overall cost of running a home has risen on average by £184 (2%) over the same period.
Increases to energy and water rates and higher council tax have driven up housing costs, pushing cash-strapped households to their financial limits.
Martin Ellis, housing economist at Halifax, said: "The typical costs of owning and running a home have again increased slightly over the past year, although this rise was below the general increase in the cost of living.
"Overall, the cost of owning a home has increased by 2% over the past five years, representing a significant decline in real terms. Lower mortgage payments have largely offset increases in other items of housing-related expenditure, such as the substantial rises in electricity and gas bills."
Search all mortgages Compare 2 year fixed rate mortgages Are your energy prices rising? Check out our energy comparison service and switch today.You could save yourself up to £331*. (*At least 10% of customers who used energyhelpline to switch their gas and electricity between 1 January 2011 - 23 August 2012 saved £331 a year or more.)
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.