This figure does not include the increased costs due to Augusts base rate increase, which will filter through to mortgage payments in September.
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Woolwich, which produced the figures, said the increase in mortgage costs can be attributed to a number of factors including higher rates for fixed rate mortgages and the buoyant property market this year, particularly in London where affordability costs went up to a new high of 23.5 per cent in August 2006.
All areas of the country with the exception of the South West which showed a decrease of 0.2 per cent, and the West Midlands which experienced no change have seen affordability get worse in August with the biggest rises in London, the North West and Wales, which all saw increases of 0.4 per cent over the month.
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If you are concerned about affordability now could be the time to think about remortgaging before the predicted rate rise at the end of the year.
If you have a variable rate mortgage, including a discount or tracker, any rise in interest rates will mean higher mortgage repayments. Opting for a fixed rate could help you to keep costs manageable.
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