Scots are paying 50 per cent more in mortgage payments each month than they were 20 months ago, according to new analysis.
SNP-commissioned analysis said that the average Scot is paying £381 more per month than they were in November 2021.
This comes after the Bank of England raised interest rates to five per cent two weeks ago, leaving mortgage holders bracing for a big jump in monthly payments.
Tory Prime Minister Rishi Sunak also came under fire last week after he urged the public to “hold our nerve” over the increase in rates.
The analysis found that households with a £166,431 mortgage in Scotland on a 6.37 per cent two-year fixed rate deal will be paying 52 per cent more each month than they would have paid in November 2021.
The average two-year fixed rate mortgage was 2.29 per cent in November 2021. This would see such a typical Scottish household paying £729 a month on a 25-year mortgage.
The average mortgage advance for a house in Scotland in 2022 was £166,431.
As of June 29, the average two-year fixed rate was 6.37 per cent. The SNP said this would leave the same household paying £1110 a month.
This would be an increase of £381 a month and £4,572 in additional interest a year.
The party also said a full-time employee in Scotland on the National Living Wage would have to forgo their entire wage for more than a quarter of a year just to pay the additional mortgage interest.
Some 740,000 households have a mortgage in Scotland. This is 29 per cent of the population.
The UK has higher inflation than the EU, US and any country in the G7. Last week asset management company Schroders Plc forecast the UK is heading for interest rates of 6.5 per cent by the end of 2023.
This would be the the highest interest rates since 1998. Schroders warned "we anticipate rates at this level will drive the UK economy into a recession".
The analysis also suggested that if the average two-year fixed rate were to rise to 7.87 per cent, the same household would be paying £1270 a month.
This would be £541 more than in November 2021 and £6,492 more a year. It would mean an increase of 74 per cent on the average rate in November 2021.
The SNP claimed such an increase would require a full time worker on the National Living Wage to forgo almost five months of their annual wage just to pay the additional interest.
SNP Housing spokesperson Chris Stephens said: "The Tories have trashed the economy and left people struggling to keep a roof over their heads - showing why Scotland needs to escape Westminster control with independence.
"Independence is key to securing prosperity and ensuring the full powers needed to tackle the cost of living and deliver sustained economic growth. Scotland simply can't afford to be trapped under Westminster control.
"Housing is a fundamental need that no one should have to go without but Westminster is making it impossible for many first time buyers to afford their own home - and it's putting mortgage holders and renters at risk of losing their homes through no fault of their own.
"The SNP is the only party offering real change with independence - while Sunak and Starmer want to impose Brexit, cuts and the same damaging policies that got the UK into this mess.
"At the next election, voting SNP is the only way to secure independence, tackle the cost of living and get rid of these reckless, unelected Tory governments for good."
A treasury spokesperson said: “The best thing we can do to help mortgage holders and renters is to drive down inflation, and we have a clear plan to halve it this year, then get it back down to 2%.
"The mortgage charter sets out targeted support measures for mortgage holders who are understandably anxious about high interest rates and the risk of losing their home.
“That’s on top of the £3,300 on average we are giving each household to help with the cost of living over this year and last.”
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