As expected, the governing council of the European Central Bank has this afternoon cut their interest rate by a quarter of a percentage point to a new record low of 0.75%.
The decision is likely to save tracker mortgage holders with a €300,000 mortgage around €45 a month.
Ulster Bank are the first of the main lenders to announce that they will also be passing on the rate cut to their variable mortgage holders.
Meanwhile, the ECB also announced a 0.25% cut in its marginal lending facility interest rate to 1.5%, while a similar cut on the deposit facility sees that rate drop to 0%.
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