Relief for mortgage holders as ECB set to deliver fourth rate cut today - with more on the way

A reduction of 0.25 percentage points in interest rates is expected, possibly leading to four additional rate cuts next year, pressuring lenders to lower new mortgage rates and benefitting those on tracker mortgages.

Mortgage broker Michael Dowling stated, 'On Thursday, the ECB will reduce base rates for a fourth time since June and a 0.25 percentage point decrease is expected.' This indicates ongoing changes in monetary policy.

The recent ECB rate cut is significant as it will help around 130,000 people on tracker mortgages. Each ECB reduction leads to decreased repayments, benefiting borrowers.

Mr. Dowling noted that future cuts may bring mortgage repayments for tracker holders down by a further €52 a month for every €100,000 owed, providing substantial relief to customers.

Read at Irish Independent