Homeowners who are not on fixed interest rate repayments will see their monthly repayments increase as the European Central Bank is set to deliver its first interest rate hike since 2011

It follows a cut to Eurozone economic growth projections for 2022 by the European Commission along with a surge in the rate of inflation across the Eurozone.

Rates are expected to rise by a quarter of one per cent with some predicting that it may be as much as half of one per cent.

The announcement is due at lunchtime today.

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