Tracker mortgage holders can look forward to rate cuts

Policymakers kept rates unchanged yesterday, but their official policy announcement explicitly mentioned the possibility of cutting rates for the first time in the current cycle, which is considered as the ECB almost locking in a rate cut at its next meeting in June.

Joey Sheahan, Head of Credit, online brokers MyMortgages.ie, said the expected 0.25% cut in June and all subsequent cuts will put money back into the pockets of tracker mortgage holders and the wider economy. "These borrowers have seen their payments increase by about €5,000 annually over the past couple of years, so every time we see a drop, it's anticipated June will be the first one, you'll see around €28 a month or €336 a year €1,344 over the life of the mortgage," Mr Sheahan said.

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