Mortgage affordability weakened for the second month in a row in January, according to new analysis from Stonebridge.

The mortgage and protection network’s latest Mortgage Affordability Index revealed that borrowers spent more of their salary on monthly repayments in both December and January compared to previous months.

In December, mortgage repayments accounted for 36.5% of the average borrower’s salary, up from 36.3% in November. This figure increased again to 37% in January, meaning affordability has deteriorated for the second month running.

Stonebridge suggested the decline in affordability is largely down to the combination of “increasing loan sizes”, “slow wage growth” and “rising mortgage rates”.

Chief executive at Stonebridge, Rob Clifford, commented that while mortgage affordability had continued to be “tight” for the second consecutive month, it remains “significantly better” than at the start of last year.

“Affordability will definitely improve as rates fall in coming months,” he added.

“Inflation remains a concern, but much of the recent increase is imported, driven by rising energy costs and a strong dollar rather than by surging domestic demand. As a result, the risk of inflation spiralling out of control again appears limited.

“At the same time, the UK economy is struggling for momentum. If growth continues to stall, the Monetary Policy Committee may have little choice but to step in to provide support. That could lead to lower borrowing costs in the months ahead, offering much needed relief to mortgage borrowers, who are still grappling with the impact of the cost of living crisis.”

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