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.
