The latest increase means that the average monthly repayments on a £200,000 mortgage will have increased by £208.33 over the same time period, according to Moneyfacts.co.uk.

Brian Murphy, head of lending at advisers Mortgage Advice Bureau, said: “Analysts predict there will be another rise by the end of the year.”

Rising rates affect any borrowers on a variable rate and will also mean that anyone coming to the end of a fixed-rate deal will face large increased repayments when their current deal expires.

According to the Council of Mortgage Lenders, two million homeowners are expected to come to the end of a fixed rate mortgage over the next year and a half.