At 2.5 per cent, monthly repayments are £897, or £10,764 a year. Moving to four per cent would increase payments to £1,056 a month, adding £1,908 to the annual bill.
At 4.5 per cent, repayments would reach £1,112 a month, or £13,344 annually. That is £2,580 more a year than the 2.5 per cent deal.
At five per cent, payments would rise to £1,169 a month, totalling £14,028 annually, an extra £3,264. At 5.96 per cent, the current average two-year fixed rate in the comparison, monthly repayments would reach £1,284.
That would cost £4,644 more a year than the 2.5 per cent deal.
A rate of 6.5 per cent would take monthly payments to £1,350, adding £5,436 to the annual cost.
Borrowers who reach the end of their fixed deal without arranging a replacement move onto their lender’s standard variable rate.
At the current average of 7.13 per cent, repayments on the same mortgage would reach £1,430 a month, or £17,160 annually.