Pepper to write to 9,000 mortgage holders telling them it is cutting rates

Thousands of individuals are caught as mortgage prisoners, paying exorbitant interest rates of up to 9% and 10%, unable to switch lenders due to past missed payments.

In response to recent European Central Bank rate cuts, Pepper Advantage plans to notify over 9,000 customers of upcoming decreases in their variable mortgage rates.

These variable rate reductions will range from 0.25 to 1 percentage point, primarily benefiting customers who have faced the steepest rate increases since mid-2022.

Independent economist Simon Barry notes that the ECB is likely to announce its first consecutive rate cuts in 13 years, indicating a shift in monetary policy.

Read at Irish Independent