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?