Mortgage costs could surge to a 30-year-high if the Bank of England raises interest rates to as high as 6%, experts have warned.
In just six days, 1,621 products have been pulled from sale, after a fall in the pound fuelled fears for the economy.
On Tuesday, the Bank of England's chief economist said that action would have to be taken - meaning interest rates could rise sharply.
Economists now expect rates to more than double to 5.8% by April, from the current level of 2.25%.
Interest rates had previously been forecast to hit 4% by next May.
The base rate is important, because it means the cost of borrowing is getting more expensive.
For those with a mortgage, it all depends on what type of deal you've got.
With our mortgage repayment calculator, you can find out how much your bill would rise if interest rates go up as predicted.
To find out the amount you will be paying each month, you simply need to enter your loan amount, the interest rate and term of loan.
The calculator will then show you how much your mortgage will cost a month and how much interest you will pay over the term of the loan.
If you have a tracker mortgage, your repayments will rise in line with the base rate.
Standard variable rate (SVR) deals are likely to go up too, although it is down to your lender to implement any price rises.
If you have a fixed-rate deal, you'll be protected from interest rate rises now - but be aware that when you come to remortgage, the rates on offer will be more expensive than before.
This morning, Martin Lewis said a mortgage "ticking timebomb" awaits if UK interest rate rises follow market predictions.
Speaking on ITV's Good Morning Britain, the consumer champion suggested those with variable rate mortgages or fixed-rate deals coming to an end in the next three to five months could go on a comparison website to see what is currently available.
The MoneySavingExpert.com founder said: "Then check your existing company to see what it will give you and then mortgage brokers are worth their weight in gold right now."
Mr Lewis said that, for some, there may be a logic to breaking their fixed deal, but he added: "It is not right for everyone - you want the mortgage broker to do those numbers."
The money expert added that if interest rates go up as predicted, that scenario would be "catastrophic for mortgage holders", highlighting the costs it could add to mortgages.
He continued: "Once you start applying (for a mortgage) you have to pass an affordability check.
"Clearly, many people will start failing affordability checks at that rate. So they'll either be stuck on only their own company's deals or going to a standard variable rate.
"And worse, because we now have a risk to house prices, that's not a prediction, I'm saying there is a risk that house prices may drop, they may not, they may continue to go up.
"And if house prices drop, that will hurt people's loan-to-value ratios, which will make it even more difficult to get a cheap mortgage.
"So there is a ticking timebomb going on in mortgages if UK interest rates follow what the market is predicting and go up to 6%."
It comes as Zoopla said 6% of homes listed for sale have seen the asking price adjusted downwards by 5% or more, marking the highest level since before the coronavirus pandemic.
The property website said that, given the economic backdrop and factors including rising energy prices and rising interest rates, this is a clear sign of a return to more of a buyers' market, after two years of a market that favoured sellers.
Richard Donnell, executive director at Zoopla, said: "A surge in home values over the pandemic and the rise of mortgage rates means we face a sizable hit to household buying power over the rest of 2022 and into 2023.
"While the recent changes to stamp duty are welcome, supporting activity in regional markets and the first-time buyer market in southern England, the increase in mortgage rates will erode much of the gains.
"Homeowners that want to sell their home this year need to price realistically and seek the advice of an agent on local market trends."
Zoopla said price adjustments are to be expected as the market shifts from conditions where demand greatly exceeds supply.
