Fixed-rate mortgages could cost homeowners £300 more a month than two years ago, figures showed today.
It also emerged that people trying to take out new mortgages or refinance their home loans face the highest fixed-rate deals for a decade.
Figures compiled by personal finance website MoneyFacts show that the average rate for a two-year loan has hit 6.64%, up from 4.34% two years ago.
It means that someone coming to the end of a mortgage on a £150,000 house they took out two years ago will see their average repayments rise by £206 a month to £1,026.
Those with a £100,000 mortgage will find average repayments rise by £137 to £684 a month, while homeowners paying back a £250,000 loan will have to pay back an average of £1,710 each month - £343 more than two years ago.
MoneyFacts' figures also show that someone taking a typical five-year deal in 2003 on a £250,000 home loan will have to stump up almost £500 more when it comes to their new deal.
It is estimated that about 1.4 million homeowners will see their fixed deals expire this year.
But they will have to contend with the news that fixed rate deals are the highest for 10 years, according to figures from the Council of Mortgage Lenders.
In 1998, the interest rate average for fixed rate mortgages was 6.74%. Standard variable rates, meanwhile, were higher in 2000, when they hit an average of 7.21%.
The findings will come as bad news for first time buyers as well as existing homeowners. Not only are they facing greater servicing costs, but they are also now expected to put down a greater deposit to be approved a mortgage.
There were suggestions this week that there could be light at the end of the tunnel for homeowners after two major mortgage lenders cut their rates. First Nationwide and then Abbey reduced the costs of some of their home loans.
But MoneyFacts warned that the cuts were likely to be a temporary trend after lenders took advantage of a low swap rate - the amount banks are charged for borrowing money.
Spokesman Darren Cook said: "I think it was a bit too premature for some to interpret that the recent cuts by two major lenders (Abbey & Nationwide BS) to be the start of the upturn in the mortgage market.
"These lenders have benefited from a short low point in the swap rate markets. However, over the past five days we have a seen swap rates increase by over a third of a per cent.
"It will only be a short while before we see these rate increases filter through to the high street."
Mr Cook added that it was becoming increasingly difficult to find a suitable mortgage deal. A total of 3,846 mortgage products are available today, Mr Cook said, compared with more than 15,000 at the start of the credit crunch last July.