Homeowners whose mortgages directly track the base interest rate have seen their bills rise by £5,000 since the Bank of England started to hike them.
Yesterday, the Bank of England increased its base interest to 4.5% from 4.25% - which was the 12th rise since December 2021 when the rate was 0.1%.
The base rate is important because it influences what banks and lenders charge people to borrow money or pay on their savings.
Over the course of the series of rate hikes, the average monthly "tracker" mortgage payment has increased by £417.36, according to UK Finance's calculations.
This added up to around £5,008 more a year.
The average standard variable rate (SVR) payment has increased by a total of £266.48 per month, which added up to around £3,198 more annually.
More than 1.4million mortgage holders have a tracker that moves in line with the base rate or a standard variable rate deal.
Thursday's decision to up the rate again means that the average monthly tracker rate mortgage payment will increase by £23.71.
Those on standard variable rate mortgages are to pay £15.14 extra a month after the rise.
However, this is assuming that the lender passes on the rate rise.
Borrowers often end up on their lender’s standard variable rates when their mortgage deal comes to an end and these are set by individual lenders.
You can see our coverage of the Bank of England base interest rate rise in our live blog.
The Bank's base interest rate is at its highest level for almost 15 years and it is rising in response to soaring inflation which stood at 10.1% in March.
Around 85% of mortgages are fixed rate deals - which means they remain at the same level until the deal needs to be remortgaged.
This means that those on a fixed rate deals have not yet been hit by the interest rate rises.
However, around 1.3million on fixed rate deals are set to come to an end this year.
The Bank of England admitted only a third of the impact of previous hikes had been felt by households in mortgage and other borrowing costs.
The central banking group believes interest rates will need to keep rising over the remainder of this year before dropping again in 2024.
However, it all depends on what happens to the economy over the next few months.
