Possible mortgages boost as ECB cuts rate

The European Central Bank has announced a new interest rate cut, something that may have an impact on the cost of mortgages in the eurozone.

From May 13th the main rate on the refinancing operations will be trimmed by 0.25 per cent to one per cent, while the marginal lending facility is to drop by 0.5 per cent.

Such reductions could help bring down the cost of buying a home in the area, affecting purchasers of property in Spain, Cyprus, France, Portugal and Italy.

The figure represents a new record low for the euro rate, which has been cut several times in recent months.

Among the places where buyers of eurozone property could choose to buy are wine-growing areas in France and Italy.

In a feature on the subject last month, the Daily Mail noted that there are schemes that involve people being able to buy homes on wine-making estates and become active participants in the production of the drink.

Like this? Then share with your friends and colleagues!