It's time for people on variable rate mortgages to "seriously take stock" amid reports that the European Central Bank is set to hike interest rates this summer.
That's according to Harry Dwyer, who is the Managing Director of Moneycare in Monaghan.
The European Central Bank is to increase interest rates by 0.25 per cent in July.
It will end a decade-long bond-buying scheme, introduced off the back of the financial crash where rates were below zero.
It comes as the rate of inflation in Ireland increased by 7.8 per cent to the end of May.
ECB president Christine Lagarde says they're looking at further increases in interest rates in September.
It means homeowners on variable or tracker rates look set to face higher repayments soon.
The ECB 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%.
Harry Dwyer told this morning's Joe Finnegan Show that some of the predicted hikes are "scary" and urged people to contact their banks:
