Where are those mortgage

increases we’ve all been dreading? The ECB hiked interest rates by half a percent a few weeks ago but ordinary variable rate mortgages haven’t gone up. Mortgage broker Martina Hennessy of Doddl.ie says: ‘Variable rate customers are exposed but there is not necessarily a direct increase once the ECB rate moves.’

Banks say they don’t yet intend to increase standard variable rates. Irish rates are among the highest in Europe, so lenders can easily absorb an initial increase without passing it on. But don’t expect this to last. ‘Variable rate increases can be expected if funding costs continue to rise,’ Ms Hennessy says. Fixed rates are already increasing. So review your rate – before it’s too late!