Monthly mortgage payments in 2011 were the most affordable for 10 years, according to new research from Barclays.

In an analysis of more than one million customers’ accounts it found that, on average, people paid out 15.4% of their take home pay last year to cover their monthly mortgage payments, compared to 2008 when it reached its highest point at 20.5%.

The lowest point since records began 10 years ago was in September 2011 when the average mortgage payment fell to 15.2%, or £488 a month.

Research commissioned by Barclays found the majority of homeowners say they are more comfortable with their current payment levels compared to this time last year. The poll of UK homeowners found that 83% have room for manoeuvre should their circumstances or interest rates change and 64% find their mortgage affordable, compared to 52% this time last year.

Fewer homeowners think interest rates will increase this year – just 40% think interest rates will rise in 2012, compared to 74% who were asked at the beginning of 2011 about the year ahead. A quarter of homeowners believe rates will start to rise in 2013.

73% of homeowners do have a plan in place for when interest rates start to rise, with around a third stating they will cut spending elsewhere by reducing their lifestyle budget (clothes, eating out) and holidays to cover any increases. Barclays is urging homeowners to ensure they keep their mortgage repayment levels under review and look at how they can cut costs – to help with other rising household costs and / or to use this money as a savings cushion for when interest rates do start to increase.

Andy Gray, head of mortgages at Barclays, said: “With the cheapest ever mortgage deals offered to homeowners last year and the fiercely competitive mortgage market it stands to reason that the average monthly mortgage payment was at its most affordable level in a decade. However Barclays is urging homeowners not to be complacent with this affordability and to act early on in 2012 to secure good mortgage deals