Mortgage holders urged to check interest rates

Following today's interest rate increase of 0.25% by the ECB, consumer director of the Financial Regulator, Mary O'Dea has warned mortgage holders to check if the increase will be passed on to them.

"Clearly the rise in interest rates may mean increased costs for loans in the future so it is more important than ever to shop around for the lowest interest rates on all of your loans," she said.