Santander is also making changes to the rates it uses in affordability assessments in order to continue lending responsibly.

The bank says there will only be minor changes to residential affordability rates, but buy-to-let stress rates will increase by 50bps.

However, there was a glimmer of hope for borrowers this afternoon as two and five-year swap rates have both fallen by around 9.5bps since their peak yesterday.

At Clydesdale, the biggest rate rises are residential product transfers, with fixed rates jumping by up to 78bps.

These are some of the biggest movements yet, although Nottingham made some 80bps increases this week.

Clydesdale is also raising buy-to-let product transfers by up to 60bps and some discount deals for residential purchase and remortgage by up to 20bps.

At Virgin Money, some rates are jumping by up to 70bps tomorrow on residential two-year fixes for purchase.

Five-year fixes for purchase and two-year fixes for remortgage will rise by up to 65bps, amid lots of other substantial increases.

The Mortgage Works is raising prices across many of its products tomorrow and new rates have been published on its intermediary website already.

It follows similar announcements earlier today by nat.

Calculations by Moneyfacts show that borrowers coming off five-year fixes this month could face a shock payment jump of £4,655 a year, based on a £250,000 mortgage at average rates.

Trinity Financial product and communications director Aaron Strutt says: “It will be interesting to see when rates start dipping again and how slowly they come down.  

“Swaps are down a lot since the peak, but the rises keep on coming.

“If anyone thinking about taking a Virgin Money or Clydesdale mortgage holds off until tomorrow they will end up paying significantly more.”