Moneyfacts.co.uk have shown that fixed rate costs are at their highest for a decade, and families could be paying an extra £300 per month for a fixed rate deal when compared with two years ago.

Moneyfacts.co.uk figures suggest that the average two year fixed rate is now 6.64%, up from 4.34% a mere couple of years ago.

According to The Press Association "those with a £100,000 mortgage will find average repayments rise by £137 to £684 a month, while homeowners paying back a £250,000 loan will have to pay back an average of £1,710 each month - £343 more than two years ago."

Roy Berry of The Mortgage Provider was not surprised by this news "homeowners are well aware that they are much less well off in recent times. Those unlucky mortgage holders who have to refinance this year have a nasty shock coming. It's not all bad news though- today Abbey have reduced their rates".