The Bank of England has increased interest rates from 4% to 4.5% for the 11th time in a row.
The interest rise is lower than initial predictions after last year’s mini budget, but is still hard news for many.
Around 1.4 million people currently have tracker or variable rate mortgages and will be affected by this change immediately.
On average, a tracker mortgage will cost £24 more per month and variable £15 more.
This increase is almost as much as the average person spends on a week of food.