Reduction in European mortgage rates

3 month Euribor, the reference rate for many mortgages in mainland Europe, continues to fall. Tracker mortgages with European banks tend to be linked with 3m Euribor (now 0.882%) rather than the ECB (unchanged at 1%).

The European Central Bank indicated last week that it would continue with its unlimited lending policy until January next year. This is the reason for the latest drop in 3 month Euribor, as the banks can lend to each other in the knowledge that there are no restrictions on their borrowing from the ECB – for now.

Good news for Irish people with mortgages on their European holiday homes or investments.

Good Financial Housekeeping

www.LucasMortgage.ie

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