Now credit reference agency Experian is warning that many borrowers are overestimating their ability to afford the extra costs.
The likely monthly mortgage repayments required to finance a purchase of this size would be around £1,300 a month based on a 10% deposit.
Yet, on average, those surveyed said they would only be able to afford £780 a month.
Spokesman Peter Turner said: "These findings show just how important it is to get your finances in the best shape possible in advance of a mortgage application.
"It's not just a case of making sure you're accepted: it's a case of using your finances to land the best rate possible.
"Ensuring your mortgage application gets the highest credit score possible can make a difference of hundreds of pounds a month, and thousands over the course of the mortgage."
Experian said that it had been "widely reported" that the Bank of England was to raise the base rate in 2015.
"Nobody has a crystal ball, or at least not a reliable one," he said.
"We are not expecting interest rates to rise any time soon as the economic recovery is still too tentative.
"Indications are that when interest rates do start to rise they will do so slowly before settling at 2 to 3 per cent, lower than the 5 per cent we have been used to in the past."
But Harris added that even if rates were not to return to previous highs, borrowers should still take action to limit the potential effects of a rising base rate.
"Fixed-rate mortgages provide insurance and protection from interest-rate rises," he said.
"Only in five years when you look back will you know what was best.
"However, if you cannot afford to be wrong – that is, if interest rates were to rise you would struggle to pay your mortgage – then you should always fix."
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12:24 PM on 23/06/2014
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It doesn't matter if the interest rate goes up or down, it will always be a matter of robbing Peter to pay Paul, maybe it will be the takeaways or the new car etc... That`s always the case for me.
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Chris is the former personal finance editor at the Daily Express. He's been a journalist for more than 10 years and contributes to a wide range of finance and business titles.Read more from Chris
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