Worried about mortgage rates and the impact on your family budget?

With mortgage holders facing higher repayments as ECB rates continue to rise it could be worth looking at your current rate to see if you could do any better.?

Switching your mortgage can sometimes seem complicated and understanding all of your options can be difficult. Typically, unless you have a tracker mortgage, switching could save you a significant amount of money.

When choosing a mortgage, one of the most important decisions you will make is what type of interest rate to go for. The main types of mortgage rates to consider are fixed or variable.

• Fixed-rate mortgages have a set interest rate for a specified period of time, eg 3yr, 5yr. This means that your monthly repayments will remain the same, regardless of any changes to interest rates in the wider economy. This makes them a good option for those who want to have certainty over their monthly budget and who may be concerned about any potential interest rate increases in the future.
• Variable-rate mortgages are loans where the interest rate can change at any time during the life of the loan. This means that your monthly repayments may go up or down depending on changes to interest rates. These types of mortgages are usually cheaper than fixed-rate mortgages, but they can be riskier as your repayments could increase if interest rates go up.

*You may also have heard of tracker rate mortgages, these are?no longer offered?by lenders in the Irish market so worth noting that if you are an existing tracker rate mortgage holder and you move off the tracker rate, you will never be able to go back on it.

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Ultimately, the choice of which type of mortgage rate to go for will depend on your individual circumstances and your expectations for future interest rate movements. It is always recommended to get advice from a qualified mortgage advisor to help you make the right decision for your particular circumstances.

?? To help get you started the?Competition & Consumer Protection Commission (CCPC)?have put together a simple switching guide, based on the type of mortgage you have and what you need to consider, you'll also find a handy tool that will help you compare the mortgages currently available from different financial providers to see what savings you could potentially make.