Variable mortgage customers miss out

The country’s largest banks have confirmed they will not cut variable interest rates in direct response to the ECB interest rate reduction, which will see tracker mortgage holders saving €15 per €100,000 of their mortgage.

AIB said that, while its customers on tracker mortgages will benefit from the interest rate cut, “the tracker mortgage product is linked to the ECB interest rate whereas all other mortgage products are not — they are decoupled from ECB interest rates”.

It said it keeps all its rates under review.