Borrowing costs uncovered
The banks are unlikely to pass ECB rate cuts on to borrowers, writes Emma Kennedy.
The European Central Bank's (ECB) decision to cut interest rates by 0.25 per cent to a record low of 0.5 per cent resulted in a collective sigh of relief by those with tracker mortgages.
A rate cut means lower mortgage repayments for that category of borrower. However, as banks struggle to rebuild their margins, the ECB rate cut doesn't necessarily mean that all forms of borrowing will become cheaper.
Some banks have stated that they won't pass...
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