Mortgage holders urged to review options amid rising interest rates

Mortgage holders are being advised to review their financial options as interest rates show signs of increasing. In Ireland, variable-rate mortgage holders are urged to examine their loans in anticipation of further interest rate hikes from the European Central Bank.

In the United Kingdom, experts warn that mortgage rates are set to rise following an increase in swap rates, which are influenced by long-term forecasts for the Bank of England. Some lenders have already implemented changes; the Co-Operative Bank announced increases for all fixed rates, while Virgin Money has raised some rates by up to 0.3 percentage points.

Brokers suggest that homeowners with mortgages expiring later this year should attempt to lock in current rates to protect against future hikes. The recent upward trend in rates is attributed to rising swap rates driven by geopolitical tensions and higher energy costs.