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Tracker mortgage holders will see their monthly repayments drop after the European Central Bank (ECB) made its fourth rate cut since the summer. This latest reduction of 0.25 percentage points will benefit about 130,000 tracker mortgage customers, reducing repayments by €13 for every €100,000 owed. For example, a €250,000 mortgage could save around €2,230 annually, or €74 per month.![]()
However, savers will be impacted as deposit rates are likely to fall. Irish households hold over €160 billion in savings, but much of it is in low-interest accounts. While term deposits have only slightly dropped further ECB rate cuts next year could reduce savings returns.![]()
Property prices are expected to rise due to cheaper mortgages, increasing competition for limited housing. Fixed rates may drop to around 3%, saving new buyers and switchers €85-€125 a month on a €300,000 mortgage. However, this could drive property prices up even more.![]()
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Irish shoppers are planning to spend 14% more on Christmas this year, with the average spend rising to €1,177, up from €1,030 in 2023. As rising costs and the pressure to buy gifts take their toll, many consumers will dip into their savings. However, 1 in 5 will opt to borrow money. The current average loan amount is around €631, this reflects the growing financial strain many are experiencing. A significant number of shoppers anticipate it will take them more than a month to pay off their Christmas spending. The Competition and Consumer Protection Commission (CCPC) advises consumers to shop around and compare credit options. If the repayment period is likely to stretch into months, a personal loan may be a cheaper option than relying on credit cards or high interest "pay later" schemes.![]()
The CCPC also recommends that people consider the cost of borrowing before taking on additional debt. As many shoppers are set to carry debt into the new year, it is important they understand how long it will take to pay it off so they can try to avoid unnecessary financial strain.![]()
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Many retailers are facing legal action after the Competition and Consumer Protection Commission (CCPC) uncovered widespread breaches of sales pricing laws during investigations into the 2023-2024 winter sales season. Misleading pricing tactics, such as fake discounts, have contributed to a general lack of trust in sales, despite strict legal requirements for businesses when displaying discounts. All sale prices must be genuine and clearly show the original price to allow consumers to make informed comparisons and decisions. Shoppers are urged to be cautious of previous prices when shopping during the upcoming festive season sales.![]()
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Royal London Ireland has entered the Personal Retirement Savings Account (PRSA) market. A PRSA offers a flexible and tax-efficient way to save for retirement. The PRSA market has grown rapidly, with contributions hitting €400m in the last year. Royal London is the first major life and pensions provider to launch a PRSA in Ireland in years. The CEO, Noel Freeley said the move shows the company’s commitment to the Irish market and builds on their earlier success with Approved Retirement Funds (ARFs) and Personal Retirement Bonds (PRBs). He believes the new PRSA will help people enjoy a more comfortable retirement.![]()
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📱086 0445509 ☎ 094 9638533 📧office@rockcourt.ie
Despite the entry of a new player into the market, Level Health, health insurance premiums are expected to rise again in the new year. Irish Life has already announced its third price increase this year and other insurance providers are likely to follow suit, despite growing competition. These price hikes are attributed to sustained demand and a rise in the number of people seeking medical advice and diagnostics, as more individuals prioritise their health. ![]()
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Consumers are once again encouraged to review their current health insurance plans and explore options from other companies before renewing their existing policies, ensuring they receive the best value for money and a plan that aligns with their lifestyle and health needs.![]()
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Contact Rockcourt Financial Services with all your financial questions and queries. ![]()
📱086 0445509 ☎ 094 9638533 📧office@rockcourt.ie