My heart skips a beat with giddiness to hear another 50 points have been wiped clear off the board. The ECB kept up its recent record pace of interest rate reductions and brought its benchmark rate to rest at 1.5 per cent.
To sum it up, an extra saving of €50 of month should come about … for holders of a €200,000 mortgage over 20 years, based on a tracker mortgage. So instead of handing over a hefty €1,139 a month your new monthly payment will now be €1,089.
The news is not all good though, especially to the ears of bankers. Some banks have said that they will not be rushing into work to pass on the cut to holders of variable rate mortgage holders.
However, lucky for some, most banks are hoped to ease the pinching for tracker mortgage holders by passing on the rate cut. Even better it is expected to be in affect from as soon as the beginning of April.