According to Labour's Cllr Keith Martin, homeowners with variable mortgages from Mayo County Council can look forward to a 0.5% drop from December 1st. This rate reduction is a result of the European Central Banks (ECB) reduction in its interest rates.
Cllr Martin says this is good news and adds that he expects more good news to come. "It has been predicted that the ECB will lower its rates even further over the coming year. This means we can expect to see further cuts in interest rates.
"I have raised the matter with Mayo County Council who informed me that they have been obliged to reduce the variable rate on Council Loans by 0.5% as per a Directive they received from the Housing Finance Agency which is effective from December 1st 2008. The County Council have informed me that their customers will be notified of the cut in due course."
"I would trust that the Housing Finance Agency will continue to pass on interest rates cuts via Mayo County Council customers in a prompt manner."
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