How much will your monthly mortgage payments go up after the interest rate hike?
As the Bank of England announced the biggest interest rate rise since the 1980s on Thursday, many mortgage holders braced themselves for a sharp jump in their monthly repayments.
The Bank raised the rate from 2.25% to 3%, the highest since 2008, in a bid to slow rampant inflation.
That rise in rates is passed from lenders to the borrower, meaning Britain's nine million mortgage holders are expected to feel the pinch.
A recent Office for National Statistics (ONS) survey found that 48% of mortgage holders reported being worried about the effect of the changes in interest rates on their mortgage.
But just how much could you see your monthly mortgage repayments rise thanks to the interest hike?
Tracker mortgages
People with a tracker mortgage - a mortgage which directly tracks the Bank of England base rate - will see their monthly payments rise by another £73 typically as a result of Thursday’s rate hike.
The base rate increase from 2.25% to 3% on Thursday will mean a £73.49 monthly increase – or around an extra £880 per year – for the average tracker mortgage holder.
ITV News deputy political editor Anushka Asthana explains the impact of the latest interest rate hike
It is the latest in a string of base rate increases, meaning that, since December last year, the average monthly tracker mortgage payment will have increased by £284.17 monthly overall during that period, according to figures from trade association UK Finance.
Taking the latest increase into account, this adds up to another £3,410 per year typically that tracker mortgage holders will need to find in their budgets.
Just under one in 10 (9%) outstanding residential mortgages are trackers.
Standard variable rate mortgages
A standard variable rate mortgage has an interest rate that is set by the lender.
Though this rate is not directly linked to the rate set by the Bank of England, this tends to be the primary influence on whether it goes up or down.
The average standard variable rate mortgage will increase by £46.22 per month, according to UK Finance’s figures, if a borrower’s lender passes on the base rate increase in full.
The average monthly standard variable rate cost for a borrower has increased by £178.70 in total since December, assuming that base rate increases are being passed on in full.
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Fixed-rate mortgages
Around four in five mortgages (78%) are fixed-rate deals.
For the majority of fixed-rate mortgage holders, there will be no immediate change.
While these mortgage holders are cushioned from the immediate impacts of the base rate rise, many may end up getting a payment shock when they eventually come off their deal, with around 1.8 million fixed deals scheduled to end next year.
Mortgage approvals down
Bank of England figures released earlier this week revealed that mortgage approvals for house purchases decreased significantly to 66,800 in September, from 74,400 in August.
And base rate rises are not the only factor contributing to how lenders price their mortgages.
Market volatility following the mini-budget prompted a surge in the mortgage rates being offered by lenders, with many products being pulled from sale.
Jason Tebb, chief executive officer of property search website OnTheMarket.com said the interest rate rise "will only spur on those buyers who managed to obtain a mortgage offer before fixed-rate mortgage pricing shot up following the mini-budget."
"These comparatively cheap rates will focus buyers’ minds, with many keen to proceed with a property purchase before they elapse," he added.