Mortgage payments accounted for 40.1% of the average borrower's salary in September, the third consecutive month above 40%, Stonebridge said.
The Mortgage and Protection Network's first-ever Mortgage Burden Index reveals that mortgage payments as a percentage of borrowers' income are now near the highest level in a year. 
Mr Stonebridge said this was mainly due to rising house prices and higher borrowing costs.
Although mortgage repayments improved slightly in September from 40.6% in August, the share of mortgage repayments as a percentage of borrowers' salaries remains well above record highs, with the long-term average remaining at 35.9%. .
Rising house prices have offset the benefits of gradual cuts in mortgage rates over the past few months, Stonebridge data found.
According to the Bank of England, the average interest rate on new mortgages fell from 4.86% to 4.78% between August and September.
However, Stonebridge's internal data shows that rising house prices pushed the average loan amount over the month to a 27-month high of £198,383, providing only a small boost to affordability for borrowers. Ta.
Rob Clifford, chief executive of Stonebridge, said: “The Bank of England has begun cutting interest rates again, but the data shows that the majority of borrowers are yet to realize the benefits of lower borrowing costs.” .
“With house prices still rising and mortgage rates rising, homeowners are now spending more than two-fifths of their salaries on mortgage payments, which is significantly higher than the historical average. This highlights that the cost of living pressure is far from over for millions of households.”
“The good news is that the worst is likely behind us, with the Bank of England likely to continue cutting interest rates throughout 2025. We expect it to bring relief to millions of households.”
