Mortgage holders are being advised to shop around for cheaper rates, as the European Central Bank looks set to push up its interest rates.
An increase of 0.75% is expected to be approved when the European Central Bank's Governing Council meets in Frankfurt this afternoon.
The ECB is under pressure to tackle spiraling inflation in the Eurozone.
Last month, Euro zone countries recorded an average inflation rate of 9.7%.
More than 220,000 variable rate mortgages could be impacted by higher monthly repayments.
Economist Austin Hughes, says "Today's increase will be large and it won't be the last interest rate increase. So people need to start doing their own calculations and maybe speak to a financial advisor about the best option for them."
"I think the critical message is that people need to think about the possibility that rates could go a good deal higher in the months ahead."
