Still value to be found by switching your mortgage despite rising interest rates

Fixed-rate mortgages have become increasingly popular among mortgage seekers. But it’s still worthwhile checking out the pros and cons

With energy bills at record levels and food inflation at close to 10%, the last thing households need is rising mortgage rates.

Last week, AIB became the first of the main pillar banks to raise interest rates adding 0.5% to its fixed-rate products. Bank of Ireland and Permanent TSB are expected to follow with similar increases.

Non-bank mortgage lender, Finance Ireland had already taken the extraordinary decision to raise its three and five-year fixed rates by a full 2% for new customers in response to the increases by the European Central Bank (ECB).