Okay, so it’s only €30 for every €100,000 borrowed on your mortgage. The average mortgage, according to RTE news this evening is €250,000 so that’s a saving of €75 based on todays reduction.
But, added to the recent previous further ECB rate reduction, you’re now €150 per month better off. And potentially you’re even better off following the changes to the mortgage interest rate relief in the Budget.
Lots of numbers, but the question is – what are you going to do with that extra money?
How’s your “rainy day” savings looking? Or are you planning a big Christmas and going to need a bit extra? Do you need to pay down other debts – credit cards, car loans, etc? Or could you overpay on your mortgage to reduce the term?
Whatever you do, don’t let this welcome extra money to be assimilated into your day to day spending. This money should be seen as a bonus, and should be treated differently to your “normal money” – make sure you get a decent longer term benefit from it.