I got €20.83 as well, so I think the 13.25 is wrong?
Irish times today said that the 0.25% drop in ECB rate on a 100,000 tracker mortgage is equivalent to about 12 euro saving per month
Why are you on interest only?Yes, but my initial query was for an interest only mortgage ,, owing €100,000. When the interest rate reduces by 0.25% , I calculate that my repayments will reduce by approx 20 Euro. Is that correct?
Because it was cheap at the time! Bought in 2008, most of the time since repayments were very low. Thankfully rates are going in right direction again. Will use pension lump sum to pay of most of the loan.Why are you on interest only?
Yes. And if you rent a car for a year, you pay more rent than if you rent it for a week.But you pay so much more interest than a conventional mortgage.
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