ICS reduces mortgage rates to match or better the lowest in the market
The ICS mortgage lender reduces the interest it charges on all of its variable and fixed rate products. The new rates, which take effect from Monday, will in most cases be equal to or higher than the most competitive rates available.
The ICS move comes as mortgage options for aspiring homebuyers narrow with the expected market exit of Ulster Bank and KBC – both of which had the most competitive rates available.
The Dilosk-owned lender cuts its overall interest rates by up to half a percentage point.
Homeowners looking for an 80% mortgage can get a fixed rate of 2.2% over three or five years. This matches the best rates in the market, with the exception of Haven, a subsidiary of AIB, which offers a slightly lower rate of 2.15% for homes with building energy rated B3 or better.
For people with equity in their property looking to change, ICS will offer a market-leading three- or five-year rate of 2.1 percent to 70 percent loan-to-value (LTV) or, at 60 percent. one hundred LTV, a rate of 1.95 percent which is matched only by Avant, the Spanish lender.
Avant only deals with borrowers in parts of the state where ICS says its rate applies nationwide.
The first buyers
The lender does not so assiduously pursue first-time buyers. Its three-year fixed rate offered to first-time buyers looking to borrow 90% of the value of their home will be 2.35%, while it will offer a rate of 2.5% on a five-year fixed rate.
But Haven is offering 2.15% over four years and AIB has a rate of 2.25% over five years.
On variable rates, ICS will offer loans at 2.45 percent when the LTV is below 70 percent and 2.7 percent above that threshold. Right now, according to the price comparison website bonkers.ie, ICS offers the most competitive rate for an LTV of 60 percent or less at 2.7 percent. The second best is AIB which will now be half a percentage point more expensive.
The variable rate of 2.7 percent at 80 and 90 percent on LTV loans compares to key market rates of 2.95 and 3.15 percent.
“Buying a home is the single most important financial decision most people will make in their lifetime,” said Ray McMahon, commercial director at ICS Mortgages. “In recent years, however, Irish buyers have been offered an increasingly limited number of options to finance such an essential purchase.”
He said ICS was looking to significantly increase its share of the Irish mortgage market.
“Favorable conditions in international financial markets now allow us to offer new residential customers reduced monthly repayments, putting money back in the pockets of homebuyers and mortgage loan changers across the country,” he said. he declared.
Rates apply to all new residential mortgage customers. People who have obtained ICS loan approval but have not yet withdrawn the funds are advised to contact the lender or their broker.
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