A third of first-time buyers are considering variable or tracker mortgages, figures from Moneyfacts show.

The percentage of first-time buyers comparing costs on variable deals trebled in July to 31% from just under 10% in February.

It is not known how many of those borrowers went on to choose a tracker or variable deal and it is likely that many were also considering fixed rates at the same time.

However, the data suggests that higher fixed rate costs prompted more first-time buyers to weigh up their options.

The average 90% loan-to-value two-year fixed rate increased from 5.09% in February to 5.74% in July, Moneyfacts found.

For a first-time buyer borrowing £200,000 over a 25-year term, this means monthly repayments jumped from around £1,180 to £1,257.

However, the average 90% LTV two-year tracker rate stood at 4.8% in July, resulting in monthly repayments of around £1,146 when borrowing the same amount.

That amounts to a saving of around £111 per month, or more than £1,300 a year, for a borrower choosing the tracker rate, although repayments could jump if the Bank of England raises the base rate as many have forecast.

Moneyfactscompare.co.uk head of consumer finance Adam French says: “The big jump in first-time buyers researching tracker mortgages reveals the pressure higher fixed rates are putting on the budgets of hopeful homebuyers.

“For many borrowers, saving more than £100 a month compared with a fixed-rate deal could make the difference between being able to buy a home or delaying their plans.

“Right now, many tracker mortgages look attractive because they are priced at around one percentage point above the Bank of England base rate, making them noticeably cheaper than equivalent fixed-rate products.

“However, borrowers need to remember that today’s monthly payment is not guaranteed to last.

“Money markets are currently pricing in a couple of base rate hikes over the coming months.

“If those expectations prove correct, tracker mortgage repayments will rise too.

“Recent years have also shown how our volatile times can quickly move the outlook for interest rates, so anyone considering a variable mortgage needs to ensure they have enough room in their budget to cope with higher monthly repayments.

“While some borrowers may be prepared to accept that uncertainty in return for lower initial costs, others will value the security of knowing exactly what they’ll pay each month.

“The right choice ultimately depends on individual circumstances, but anyone stretching themselves to get onto the property ladder should carefully consider whether they can still afford their mortgage payments if interest rates move higher.”