The cost of paying for the average Irish mortgage looks set to increase today.

The European Central Bank meets in Frankfurt later where an interest rate increase of 0.75 per cent is being predicted.

The rise in rates is necessary to curb inflation in the Euro currency zone which last month rose to 9.7 per cent.

Economist Austin Hughes says the time may have arrived for financially-stretched mortgage holders to seek advice on how to minimise their monthly payments.

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