First published in June when interest rates were 1.25%.
The Bank of England’s 0.25% increase raises the base rate to 1.25% as it desperately tries to clamp down on inflation.
It's estimated there are 1.1 million people on a standard variable rate (SVR) mortgage, which can be changed whenever a lender chooses.
Another 850,000 homeowners are on a tracker mortgage which automatically reflects the national interest rate, moving up or down at a set percentage depending on how to Bank alters its rate.
The average SVR mortgage surged to 4.91% at the start of June, making it the highest level in 13 years according to Moneyfacts. And this is up by 0.51% since December 2021.
It's estimated a homeowner with a 25-year 300,000 mortgage on the average SVR could now be paying £40 a month more, according to the Daily Express.
Other estimates, by UK Finance, suggest those on an SVR will see their mortgage repayments rise by an average £191 a year, while those on tracker deals will see an average £303 added to their bill annually.
Repayment rates for SVRs have already risen by £90 a month since the Bank of England first started raising interest rates in December 2021, Sky News reports.
And although the majority of homeowners—about three quarters—are on fixed rate mortgages, they are likely to be hit hard when they come to the end of their term.
The average two-year fixed rate mortgage has risen for eight consecutive months and is at 3.25%, almost 1% higher than it was in November, while a five-year deal has also considerably increased 0.78% to 3.37%.
Santander, Nationwide, Barclays, HSBC, First Direct, TSB and Lloyds have all announced they will be increasing some of their mortgage rates.
Simon Leadbetter, global CEO of Fine & Country said: "Existing homeowners remain in a strong position to trade up given the gains they have made in the boom.
"Meanwhile struggling first-time buyers, who already face the greatest hurdles in the housing market, may find themselves trapped in expensive rentals for even longer."
And in an update for July 2022, house prices continued to rise, making it even harder for first-time buyers.
Rachel Springall, finance expert at Moneyfacts, said: "Borrowers who lock into a fixed deal can protect themselves from future rate rises, but those building a deposit may not be able to afford a mortgage as interest rates and living costs continue to climb.
"Fixed rates are on the rise, with the average two-year fixed-rate rising by almost one percentage point since December 2021.
"As the rate gap between the average two-year and five-year fixed-rate has narrowed, fixing for longer may be a sensible choice.
"Borrowers could even lock into a fixed mortgage for a decade if they are prepared to commit to such a lengthy fixed term."
Read about the pros and cons of the new 50-year mortgage here.