ECB rate cut by 0.25% to 2.4%

[Brendan Burgess]

ECB cuts rates for seventh time with more reductions expected

The European Central Bank has cut its key lending rates for the seventh time since last summer in a move that will benefit some mortgage holders but is likely to mean lower savings rates.

www.independent.ie

 

[Introuble83]

do you anticipate the pillar banks will follow suit and reduce the current rates ?

 

[ClubMan]

do you anticipate the pillar banks will follow suit and reduce the current rates ?

Those on trackers will get the ECB rate cut as per their loan terms and conditions.
If/when lenders reduce standard and other variable rates is totally up to them as per (standard) variable rate mortgage loan terms and conditions.

ICS Mortgages cuts its mortgages rates

ICS Mortgages has today announced cuts in its variable and fixed mortgage rates and the launch of a new feature designed to provide greater financial flexibility for owner occupier borrowers.

www.rte.ie

 

[RichInSpirit]

This cut looks like being implemented tomorrow.

Official interest rates

The three official interest rates the ECB sets every six weeks as part of its monetary policy to steer the provision of liquidity to the banking sector.

www.ecb.europa.eu

 

[Dodger30]

Hi All,

I am currently on a tracker mortgage with about €120K left on the loan over a remaining term of 10 years.My interest rate is currently 2.75% following the recent ECB rate cuts.

If I was to pay off a lump sum of €100K on that remaining amount, what would my monthly repayments be?

Many thanks.

 

[ClubMan]

The residual €20K @ 2.75% over 10 years would be €191 p.m. Or you could leave the repayments at their current level and thereby reduce the effective term remaining significantly.