Mortgage holders are being urged to review their loans as rising geopolitical tensions and surging oil and gas prices threaten to push inflation higher and lead to future interest rate increases. Although the European Central Bank kept rates unchanged this week, it signalled that hikes could follow if price pressures persist, raising concerns that borrowing costs may soon climb.

Despite the uncertainty, strong competition among lenders has created a window of opportunity for borrowers to secure lower rates. Experts say homeowners on variable rates or nearing the end of fixed terms could save thousands each year by switching or renegotiating, particularly if they have reduced their loan balance or improved their home's energy efficiency.

Average fixed rates are currently lower than variable rates, making fixed deals especially attractive while markets anticipate possible increases. Although switching involves costs such as legal and valuation fees, incentives offered by lenders can offset these expenses, meaning borrowers who shop around and act quickly could secure significant long term savings.