Mortgage hikes may force struggling homeowners to fix rates

WITH announcements yesterday that Bank of Ireland and EBS Building Society are to raise interest rates, many homeowners are wondering whether now may be the time to fix their mortgage.

In a largely expected announcement, Bank of Ireland confirmed it is to raise the standard variable rate for mortgage holders by 0.5%. The rate changes are effective from April 16.

ICS Building Society, which is owned by Bank of Ireland, also announced interest rate increases across their variable rate mortgages, effective from the same date.