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Expatriate mortgages look safe thanks to rate freeze

Expatriates worried their mortgages were about to increase could be able to breathe a sigh of relief – the European Central Bank (ECB) has decided not to increase interest rates.

This could prove excellent news for people living in France, Italy, Portugal, Spain or Cyprus as they look set to benefit from paying just one per cent on some balances.

Jean-Claude Trichet, president of the ECB, said recently that the bank remains alert to adapt to any further economic changes.

The ECB "will permanently…monitor the evolution of inflation expectations" he told a conference in Poland.

The director of dealing at Currencies Direct, Mark O’Sullivan, told the Financial Times that Brits have got a confidence boost as the UK had also put its rates on hold.

Expatriates who recently took out their mortgage with a UK bank may have been pleased that last week the monetary policy committee decided to freeze UK interest rates.

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