More than a million home owners will see the cost of their mortgage payments rise from today.The majority of those affected are Halifax customers, who could typically find themselves paying nearly £200 extra a year, following a series of recent rate rise announcements from lenders.
The Co-operative Bank, Clydesdale Bank and Yorkshire Bank are also among those raising rates, blaming the weak economy and the increased cost of funding a mortgage.
Fears have been raised that people could struggle to switch to a better deal as lenders have already started tightening their borrowing criteria, triggering a fall in the proportion of mortgages being approved.
More top news
Downing Street is likely to confirm that the UK will fund extra security guards at the Eurotunnel perimeter.
Very warm in the southeast tomorrow
An astronaut on the International Space Station has shared his experiences from outer space in the first Twitter chat from the craft.