We all too well know that The European Central Bank or the ECB as it is better known sets the interest rates for Ireland and the EU. In the last two to three months we have seen the ECB drop their interest rates significantly three times!!! The good news is that these drops affect our dear mortgage rates and at this stage most of the banks and lending institutions in Ireland have wisely passed this reduction on to their customers.
What I can say to all the eager first time buyers who want to put their foot on the first step of the property ladder is that if you are in the market for a mortgage there is good value to be had.
Of course good advice from the Financial Regulator is to shop around and get the best value for money. Make sure that you do your homework and don’t hesitate to contact financial institutions directly to get detailed information about the range of mortgages available. If you are using a mortgage broker, find out who they represent to ensure that you get the best range and choice of rates on offer.