"The real impact is that this is the fourth increase in eight months, " says Michael Dowling, president of the Independent Mortgage Advisers' Federation (IMAF. ) "It's affecting everyone and coupled with increases in the cost of gas, electricity and other utilities, the amount people are paying out every month has increased, and is increasing."

However, there are ways of keeping your mortgage repayments down.

Reduce your balance: If you're an SSIA holder or have benefited from an inheritance or bonus, you could use the lump sum to cut your outstanding mortgage balance and reduce the amount of interest on your loan.

"Over the remaining term, there will be substantial savings to be made by clearing your loan more quickly, " says Dowling.

"It depends on individual circumstances, " maintains Mangan. "It may be a better long-term inv estment to opt for high-yielding shares."

Stay in SSIA savings mode: "The majority of lenders will allow you to step up repayments and provided you don't change the structure of your term, you can revert to the original amount if you face new costs such as creche fees, " says Donal Atkins, managing director of Atkins Mortgage and Insurances.

"On a 250,000 mortgage over a 25-year term at a 4% tracker rate, your repayments are approximately 1,320 a month. If you could increase that by 250 a month, you will knock six years off the term, with an interest saving of around 38,775."

Make overpayments:

"Pay a fixed additional monthly amount on top of the required mortgage repayment, " says Helen Cassidy, marketing manager for mortgages with Bank of Ireland. Those who can overpay on a regular basis could consider rescheduling the term of their mortgage, suggests Niall O'Grady of Permanent TSB. If you increase your monthly repayments you won't pay as much in the long run.