Homeowners with mortgages had some good news in the recent Budget – with increases to Mortgage Interest Relief for thousands of people.
There was of course some bad news – such as confirmation of €100 a year Household Charge to be paid by all home owners.
Today – there might be some better news for mortgage payers from the ECB.
Last month we had a 0.25% drop in the ECB interest rate – and today the ECB are meeting again – and another cut is expected. The cut will be at least 0.25% – bringing it down to 1% – but there is a chance that it could be dropped to 0.75% which would be an all time low for the ECB – See the ECB Interest rate history here .
A cut 0f 0.5% would reduce the repayments on a €200,000 tracker mortgage by about €45 a month – or €540 a year.
ECB rate annoucement expected at lunchtime today.