According to recent data, the average cost of a two-year fixed-rate mortgage deal has increased by £35 per month.
According to financial data company Moneyfacts, since recent data showed that inflation was not declining as quickly as anticipated, the interest rate has increased by 0.3 percent.
Numerous people predicted that the Bank of England would increase rates from their current 4 percent to as high as 5 percent in response to the surprise.
Many lenders have responded by raising mortgage rates and eliminating deals.
The market has now seen the withdrawal of hundreds of mortgage transactions as lenders review their proposals.
In an effort to combat rising prices, the Bank of England has been gradually raising interest rates over the past 18 months.
Moneyfacts reports that the typical two-year fixed rate on a £200,000 mortgage with a 25-year term is currently 5.64 percent.
Prior to the most recent inflation data, that figure was 5.34 percent.
The rate of price growth is indicated by inflation. As the cost of food and energy has risen over the past 18 months, many households have felt the pinch.
The data released last month showed that the rate of inflation decreased to 8.7 percent in the year to April from 10.1 percent in March, which was higher than the expected rate of 8.2 percent.
