One in five on variable rates save €500 on mortgage bills

ONE in five variable rate mortgage holders have seen savings of more than €500 on their repayments since the European Central Bank (ECB) started cutting interest rates last year.

Many of the homeowners are using the savings to go on summer holiday and donate to charity, according to a study conducted by the Irish Mortgage Corporation.

The news of such hefty savings will be difficult to stomach for the one-in-three mortgage holders who are on fixed rates and have not benefited from ECB cuts.