The mortgage expert acknowledged that this expense will have a detrimental effect on people getting onto the property ladder.

Ms Hewson added: “With thousands of pounds a year being added onto a typical mortgage, there will be some who are finding their home has become unaffordable.

“There are options people can consider, like extending the term of the mortgage, moving to interest-only or using an offset mortgage.

“It is important to remember that whilst these may cost more in the long term, they could provide a lifeline during the current cost-of-living crisis.”