A number of Irish banks have already confirmed they'll be passing on the latest interest rate rise to customers.
The ECB hiked its rates by another zero point 5 per cent yesterday, with AIB and Bank of Ireland saying its customers on trackers and some variable rate mortgages now facing higher repayments.
Economist, Austin Hughes says the ECB's plan to increase by the same amount in March spells more woes for homeowners.
"I think the message from the European Central Bank that rates have further to go is going to leave to a more generalised increase in mortgage interest rates in the next month or so.
"I think there is going to be upward pressure for borrowers."
