By Christina Fincher

LONDON (Reuters) - House prices have trebled in the last decade but rising yields in global bond markets may finally bring the party to an end.

So far, house prices have been able to withstand four interest rate rises from the Bank of England partly because of the popularity of fixed-rate mortgages that have allowed borrowers to keep their payments steady.

Surging bond yields and swap rates could change all this, however, as many borrowers who took out cheap two-year deals after the Bank of England cut rates in August 2005 are forced to refinance at much higher rates.

"Fixed-rate deals are typically more than a percentage point higher than there were two years ago," said Drew Wotherspoon at independent mortgage adviser John Charcoal. "Mortgaging to the hilt is not something we would advise."

Bond yields have soared around the world in recent weeks as markets anticipate strong economic growth will force central banks to raise interest rates further than originally expected to curb inflation.

U.S. Treasury yields rose to five-year highs last week while those on British government bonds have hit levels last seen in 1998.

Two-year swap rates -- a benchmark for fixed-rate mortgages -- have gone up around 175 basis points in the last 18 months, meaning a dwindling number of lenders are prepared to offer fixed-rate loans at less than 6 percent.

Bank of England Governor Mervyn King warned people last week not to borrow on the assumption that repayments would stay the same.