Homeowners on tracker mortgages are expected to see their monthly payments rise after interest rates were The rise will mainly affect those whose mortgages are directly tracked by the Bank of England base rate.
The base rate was raised by 0.50 percentage points on Thursday, going from 1.25 per cent to 1.75 per cent - the highest single jump since 1995.
Mortgage increases of £50.43 a month have been calculated by the trade association UK finance and is based on average mortgage balances.
Over the span of a single year, this will lead to an extra £605.16 in mortgage costs. Read more: Huge armed brawl bursts from restaurant into middle of street and leaves man 'out cold' Simon Gammon, a managing partner at Knight Frank Finance, said: “Mortgage rates are now changing on a daily basis and lenders are giving borrowers and brokers little notice about repricing.Read more on manchestereveningnews.co.uk