Mortgage rates have more than doubled since the historic low recorded in October last year, according to analysis by L&C Mortgages.

The average of the keenest low loan-to-value (LTV) two- and five-year remortgage rates from the top ten lenders has continued to escalate this year, to 2.36% and 2.46% respectively.

This has increased from the historic lows of 0.89% and 1.05% respectively last October.

L&C’s remortgage tracker shows that the monthly payment on a typical £150,000 repayment mortgage is now more than £100 higher than at the low, pushing annual mortgage payments up by more than £1200 per annuam.

However, recent the Bank of England’s recent base rate rises have been feeding through to lender standard variable rates (SVR) too.

The average of the top ten lender reversionary rates at the beginning of May was 4.34% and last week’s decision to hike rates again will see that increase further, L&C says.

L&C Mortgages associate director David Hollingworth says: “The market is moving at breakneck speed as lenders try to manage their product ranges and lending volume, often resulting in products lasting days rather than weeks.”

“That presents a real challenge for borrowers trying to keep on top of market movements but with continuing increases in mortgage rates it’s all the more important for borrowers to keep a tight rein on their mortgage.”

“There are still impressive savings to be made over lender variable rates and those could grow as base rate looks set to continue on an upward trajectory. Cutting the mortgage rate could help deal with higher living costs and build in security against further interest rate rises.”

“However, increasing outgoings are also likely to feed into lender affordability criteria, so borrowers should seek help in pinpointing the best deal,” Hollingworth adds.