John Romain of the mortgage advise bureau Immotheker-Finotheker explains that those whose took out a mortgage with a interest rate of less than 3% variable to a maximum of 3% in 2008 and 2009 are now paying 0% interest.
Mr Romain adds that it remains a good idea to renegotiate your mortgage with your bank. "In the period between between 2008 to 2011 a lot of mortages were sold with rates of between 4% and 5%, you save even if the rate drops by just 1%.
Currently the mortagage rate is around 2%. This means that you save around 40% on you interest payments over 20 to 25 years”.