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Falling rates of mortgage products have subsequently lowered the costs of owing and maintaining a home, it has been suggested.

The low rates of mortgages had played an important role in shaping people's finances, noted an industry expert.

Paula John, editor of yourmortgage.co.uk, said: "The fact that interest rates have stayed low has actually knocked on to people's mortgages to a large degree."

However, she pointed out that people were highly vulnerable to fluctuations in the property market and a small increase or decrease could have a significant impact on personal finances.

This was especially true in the aftermath of the global economic downturn, during which many people lost their jobs and financial security. These were the people who would be most sensitive to any highs or lows in the lending market.

Ms John added: "There will be some people whose budgets have been severely tightened and stretched, particularly anyone who has been made redundant. For some people an increase in mortgage payments could be the straw that broke the camel's back."

Fixed-rate mortgage products have recorded a seven-year low as lender try to get borrowers to give up standard variable rates, according to moneyfacts.co.uk.

Recently, Halifax published data indicating that the average expenses of owning and running a home had fallen by six per cent in the last two years. The annual cost of purchasing a house and then maintaining it had decreased by £544 from £9,564 to £9,020 between April 2009 and April this year.

At present, Britons spend 27 per cent of their total salary on housing expenses, which is down from 30 per cent in 2008, claimed Halifax.

Recent statistics made public by the Financial Services Authority also indicate an 11 per cent decrease in the total number of home repossessions undertaken in the first three months of the present financial year compared to figures of the year before.