1.12m spend half of income on mortgage

According to mform.co.uk, debt management is a problem for many due to the amount of mortgage repayments they make.

Eamonn Rice, chief executive of the website, said: “Rising property prices means that homebuyers have to take out larger mortgages coupled with higher interest rates and more charges.

“All of this means that more of their disposable income needs to go on paying their mortgages.”

With energy prices and council tax bills rising, Mr Rice urged people to shop around for mortgage providers as part of a debt management plan.

With Londoners most likely to be caught in this trap, Mr Rice states that savings as big as £2,300 a year can be achieved by shopping around, with the average homeowner likely to save £1,380 per annum.

The news follows a Bank of England report on the debts faced by those who rent, showing that whatever your homeowning status is, debt advice can be of benefit.