I have a current account tracker mortgage with First Active. I have just found out despite the ECB rate cut, my monthly repayments will not be reduced unless I write to the bank to request it. This will mean, however, that I will be paying more towards reducing the capital as interest payments will be reduced? My question is whether I should ask for a reduction in monthly repayments? Will the term of the mortgage be reduced if I kept the same repayment amount?
Thanks.
Thanks.