'It will be a real struggle to keep up with hikes'
Shane Denver took the precaution of locking into a fixed-rate mortgage.
But he is worried that when it ends, he will face a huge hike in his monthly repayments.
Shane, who is an IT support manager for a contractor at Dublin Airport, is currently repaying around €1,400 a month in mortgage repayments.
His mortgage is with Permanent TSB, and he and his wife Joyce opted for a five-year fixed rate, but this comes to an end soon and he is concerned.
The couple is currently paying an interest rate of 5pc.
"The prospect of higher mortgage rates is very worrying for me," he says. "We have two years left on our fixed rate, but when we come out of it we could be looking at interest rates as high as 6, 7 or 8pc.
"A mortgage rate rise like that would be a huge worry, especially with one child in school and another child about to start playschool," says Shane, who lives in Balruddery, near Balbriggan, in north county Dublin.
The Denvers have two boys -- Alex (5) and Harry (1). Shane says there are constant demands for money for school and after-school activities for Alex.
The Denvers also expect to have to shell out around €60 a week for Harry next year when he starts playschool.
If monthly mortgage repayments rise by €200 to €300 it would make it a real struggle for the one-income family.
This is why the family will strongly consider locking into a new fixed rate when the current one is up, if they can fix at a reasonable interest rate.
For now, though, the family can budget knowing that their mortgage repayments will not change for another two years, Shane said.