€150m boost to tracker mortgage holders

Tracker mortgage holders will benefit to the tune of €150m from the latest ECB interest rate cut as their repayments fall from next week but those on variable mortgages look set to lose out once again.

The 375,000 tracker holders can expect to save €15 a month on every €100,000 borrowed as the ECB benchmark rate their mortgages are attached to fell to a low of 0.25%.

However, the chief executive of the Irish Brokers’ Association, Ciarán Phelan, said it is unlikely the banks will pass the savings on to other borrowers.