Some great news for mortgage holders today, the European Central Bank (ECB) has cuts its rates by 0.5% to 3.25%. This comes less than 1 month after the last rate cut, also of 0.5% on the 8th October and brings interest rates to their lowest level for two years. But what came as a big shock from the Bank of England was their announcement that they were slashing rates by 1.5% to 3.25%. This brings interest rates in the UK below those in the Eurozone and the lowest level in the UK since 1955.
Either way its welcome news to mortgage holders, except those on fixed rate loans