Halifax and Bank of Scotland (Ireland) Homeloans are to pass on the interest rate cut announced by the European Central Bank (ECB) to existing customers who have a tracker mortgage.

No decision has yet to be made for variable customers who are eagerly awaiting a decision since the ECB’s announcement on the 7th May.

However, customers who are on a tracker mortgage will see the benefit of this rate cut when the new rates come into effect on 1st June.

Halifax and Bank of Scotland (Ireland) Homeloans added that they will not be passing on the rate cut to new business customers.