Millions of homeowners face higher mortgage repayments after the Bank of England today voted to raise the cost of borrowing for the fifth time in under a year, taking the base rate to 5.75 per cent.

Those on tracker deals will feel the pinch immediately. Borrowers on fixed-rate deals will face no immediate increase in their monthly costs but will find new mortgages much more expensive when they come to the end of their term.

Here we look at what rising interest rates mean for your mortgage.

How fast will my repayments increase following today's rate rise?

A borrower with £100,000 repayment tracker mortgage with a rate of 5.5 per cent will see their monthly repayments rise from by £15.24 from £621.24 to £636.48

A borrower with £100,000 interest-only tracker mortgage paying 5.5 per cent will see their monthly repayments rise from by £20.83 from £479.16 to £ 458.33.

Borrowers on their lender’s standard variable rate (SVR) or discounted deals based on their lender’s SVR will have to wait for advice from their banks as to what their new rate will be. This could take more than a week. In the past, some lenders have tried to cash in on rate rises by increasing their SVRs by more than 0the increase in the base rate.

Those on fixed rate deals are shielded from the direct effect of today’s rate rise, but will face higher rates when their current deals expire. Those who have failed to renegotiate their loans will revert to the lender's SVR - which can be as high as 7.75 per cent.

It is estimated that more than a million homeowners will come off their fixed rate loans this year and their monthly repayments could jump by as much as third.

How much has five rate rises cost me?

The Bank of England's Monetary Policy Committee has raised the cost of borrowing by 1.25 percentage points since August 2006. This means a borrower with a £150,000 variable-rate, repayment mortgage, will be paying £156 more a month than this time last year.

What’s happening with fixed rates on new mortgages?

Those looking around for another fix will find rates on the best deals have risen by as much as two per cent in the past two years.

Most lenders have already factored in today’s rate rise to their fixed-rate deals but mortgages below 5.5 per cent are becoming increasingly scarce.

Will rates rise again?

Economists are divided on whether the Bank will increase rates again. Many analysts predict the Bank will raise interest rates by another quarter point to 6 per cent before the end of the year while other believe 5.75 per cent will be the peak.