£5,000 annual increase in the average cost of a mortgage for some borrowers

Over the course of the series of rate hikes taking the base rate from 0.1% to 4.5%, the average monthly tracker mortgage payment has risen by £417.36.

The average monthly tracker rate mortgage payment will increase by £23.71 following Thursday’s base rate hike, according to calculations from UK Finance (Dominic Lipinski/PA) (PA Archive)

Homeowners whose mortgages directly track the base rate face a total average annual bill hike of around £5,000, following 12 consecutive hikes in the Bank of England base rate.

The average monthly tracker rate mortgage payment will increase by £23.71 following Thursday’s base rate hike, according to calculations from UK Finance.

Homeowners on a standard variable rate (SVR) mortgage meanwhile will pay around £15.14 more per month typically, assuming that the lender passes the full base rate rise on to the borrower.