According to research from online buy-to-let mortgage broker Property Master, an average two-year fixed rate for a £160,000 loan at 60 per cent loan to value (LTV) has risen from 1.69 per cent in February to 2.69 per cent.

The report said that this means that the monthly repayment cost has increased from £365 to £395, equivalent to £30 per month once fees are included.

It added that the pricing for a five-year fixed rate buy-to-let mortgage at the same LTV and loan size had risen from 2.58 per cent at the start of the year to 2.8 per cent.

This means the monthly repayment cost has risen from £359 per month to £388 per month, or £29 extra per month once fees are included.

Angus Stewart, chief executive of Property Master, said: “Lenders are now well into the swing of putting through rate increases quickly. There was a particular flurry of rises ahead of the long Jubilee weekend.

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“I think we will see this rising interest rate environment continue at least well into next year. At the last Monetary Policy Committee meeting all the members voted for an increase in the base rate, the only question was by how much. Landlords should be bracing themselves to see a further rate rise when the Bank meets again next week.”

He added that highest buy-to-let mortgage repayments would have to be passed on to tenants and research suggested that half of landlords said they would need to up rents over the next year.

Stewart said: “Remortgaging to a better deal can be an option for landlords but they will need to move quickly before the next round of rate rises hits the market.”