Mortgage rate drops again – where’s your extra cash?

This week saw the ECB rate drop again. Falling by 0.25%, it’s now at its lowest level ever at 1% only.

If you’re on a fixed rate mortgage, you can stop reading now. Sorry, but you won’t enjoy this at all.

Home owners on tracker mortgages and most variable rate mortgages will now be anything from €300 to €500 per month better off because of the drop in mortgage repayments.

So, since rates started falling 7 months ago, you will have saved anything between €2000 and €4000 in total.

What have you done with that money?

Still have it? Tucked away in a savings account for a rainy day? Or spent without really noticing?

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4 Responses to Mortgage rate drops again – where’s your extra cash?

  1. Colm May 8, 2009 at 10:32 #

    Got mugged by some ****er calling himself a Minister for Finance. Apparently it was a crime of opportunity. He saw that the ECB were giving people money to help stimulate the economy so he waited outside and took what he wanted.

  2. Donal May 8, 2009 at 17:08 #

    I was feeling quite smug with my nice tracker mortgage until I got my recent wage slip. It seems like the drop in mortgage payments almost equals the drop in wages between the two of us. Great for us that we’re no worse off but we certainly don’t have any extra cash!

  3. valueireland May 10, 2009 at 22:54 #

    Waiting a few weeks myself to see how bad the mugging is going to be.

  4. The.Q May 11, 2009 at 14:03 #

    Of course, it has been largely offset by the removal of mortgage interest relief for the next couple of months! Grrrr!!!

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