Recent carries a little concern that the pace of ECB rate reductions might be slower than anticipated because of an unanticipated rise in Eurozone inflation. As it stands, 180,000 Irish tracker mortgage holders are expecting two further rate reductions this year – in September and before Christmas respectively. With today’s news, this may reduce to one. There is also to be a separate once-off reduction of 0.35 pc as the ECB is set to make a technical adjustment when it aligns refinancing and deposit rates in September following a Framework review.
Some 70,000 homeowners are also coming off fixed rates this year and I would be encouraging all to be looking at their next steps. If you are exiting your fixed mortgage rate this year, consider the following:
- Check whether your existing lender will give you a better deal to stay with them.
- Shop around the market to see what a different lender can offer you. You really have nothing to lose by looking – and thousands of Euro to gain if successful.
- Talk to a mortgage advisor to get the best guidance on how to lower your repayment costs based on your specific circumstances.
You can read more in the Irish Independent article on ECB rates here.
If you’re thinking about switching, talk to us at our Cork or Dublin offices, to get the best advice in relation to your mortgage.
Contact MyMortgages.ie in Cork or Dublin on:
Email: [email protected]
Phone: +353 21 427 7037
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