The European Central Bank (ECB ) announced another interest rate cut today . The rate is being cut by 0.75% to 2.5% with effect from 10th December 2008.
The Bank of England earlier tody cut rates by 1% to 2 per cent, their lowest level since 1951.
Tracker mortgages should be cut automatically in the next month.
Variable mortgage rates may also be cut by lenders – although this is not guaranteed.
