Mortgage holders are being encouraged to try and re-negotiate their fixed rate agreements before repayment costs soar in years to come.
Officials from the European Central Bank will meet on Thursday with a 0.75% hike in rates expected to be agreed,
A family who waits until their current agreement runs out could face paying up to €1,500 more to lock into a new five year rate.
Martina Hennessy from mortgage information website Doddl.ie has this advice for anyone looking for a way forward.
"Go to a broker who will do all the work for you. Figure out what rate you're on and what rate you could get to save yourself on needless interest.
"This would help you to reduce your mortgage repayments because everything at the moment is so high."