Good News on Interest Rate Cuts Expected Today

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.

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