Homeowners on variable or tracker rates look set to face higher repayments this summer.
The European Central Bank is expected to indicate today that it will be raising interest rates by a quarter of one percent from July.
The move is an attempt to dampen inflation which is running at over 8% in the Eurozone, way above the bank's target of just 2%.
ECB President Christine Lagarde is also expected to announce significant changes in monetary policy and an end to its bond-buying programme.
Economist Jim Power believes a number of interest rate rises are on the cards.
"We could see another a quarter of 1 percent increase in September and it's not going to end there."
"I would expect that that ECB rates to increase by 2% in the coming 12 months."
The Banks's governing council is meeting in Amsterdam today.