Tens of thousands of tracker mortgage holders to benefit from latest ECB rate cut

Pressure now on Irish lenders to lower rates for fixed and variable customers

Tens of thousands of Irish tracker mortgage holders will immediately benefit from a cut to interest rates by the European Central Bank on Thursday.

“We are not pre-committing to a particular rate path,” ECB president Christine Lagarde told a press conference. “We are looking at a whole battery of indicators,” she said, while noting that a downward trajectory is “pretty obvious”.Look inside: Shrewsbury Road Edwardian used for Tom Cruise and Nicole Kidman film for €12.

A borrower with an outstanding loan of €250,000 over a repayment period of 15 years is likely to see the cost of their mortgage fall by around €33 a month. “Today’s rate cut was pretty much expected by the ECB. And it’s likely to reduce rates at least one more time before the end of the year as inflation continues to ease,” said Daragh Cassidy of switching and comparison website

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