bigger mortgage layout for 1st time buyersFirst-time buyers entering the property market are finding that they have to spend more than a third of their income on their mortgage, according to new figures.

The new data from the Council of Mortgage Lenders (CML) shows that young buyers are now spending around 35 per cent of their disposable monthly income on their mortgage.

The increasing pressure is being exacerbated by rising prices in household necessities such as energy and food, reports Thisismoney.

Philippa Gee, investments director of financial advisers Torquil Clark, said: 'This is a disaster waiting to happen. The situation may be even more serious than it was in 1991 because so many other costs are spiralling."

She added that the soaring costs of commodities like petrol, gas and electricity, coupled with increasing mortgage pressure could "push people over the edge".

Figures from the Council of Mortgage Lenders (CML) also show that just 38 per cent of first-time buyers managed to avoid stamp duty on their property.

The CML is the trade association for the mortgage lending industry with members accounting for around 98 per cent of UK residential mortgage lending.

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