There'll be another boost for those with tracker mortgages today. The ECB governing council is expected to cut interest rates again at its monthly meeting. It's widely expected to cut interest rates by a quarter of one percent. This would continue the easing cycle amid an uncertain economic outlook with further cuts expected as the year progresses.
Speaking to Northern Sound, Harry Dwyer of Moneycare in Monaghan said that the ECB has a target to reduce inflation down to two percent. While he doesn't see inflation reducing to a rate seen prior to the war in Ukraine, Mr Dwyer believes the ECB is happy about the way inflation is being handled.
He told Northern Sound; "I do believe that if anybody can get any interest rates below three percent on a fixed mortgage rate I would certainly be recommending them to look very closely at that. There's a huge amount of people on what's called a standard variable rate and that's in excess of four percent and there's over 112,000 mortgage holders in this country currently on that and I would be recommending those people at the very least to get onto what's called an LTV."
