Mortgage boost with rate cut on the cards

AN interest rate cut could be on the cards for early next year resulting in lower mortgage repayments for many homeowners.

The ECB kept interest rates on hold yesterday at 1.5%, which was expected, given that it was European Central Bank (ECB) president Jean-Claude Trichet’s final meeting as head. Italy’s Central Bank governor will take over the post next month.

Mr Trichet said yesterday the “credibility of Ireland is visibly improving.” He added the ECB has “been very, very forthcoming” in helping Ireland.