Average monthly tracker mortgage payment jumps by nearly £50 following rate hike

The average tracker mortgage payment will increase by £48.99 per month, according to figures from UK Finance.

The latest Bank of England base rate hike will add nearly £50 per month to the average monthly tracker mortgage payment, according to UK Finance (Yui Mok/PA) (PA Archive)

The latest Bank of England base rate hike will add nearly £50 per month to the average monthly tracker mortgage payment, according to a trade association.

The Bank of England base rate increased from 3.5% to 4% on Thursday, which will have an immediate impact on homeowners whose mortgages directly track it.

Borrowers on fixed-rate mortgages will not feel the immediate impact, although 1.8 million customers are due to see their fixed-rate deals end at some point this year.