New non-bank lender not interested in 'mortgage war'

New non-bank lender not interested in 'mortgage war'

A new lender has entered the residential mortgage market, with some of the lowest rates on offer.

ICS Mortgages has a three year fixed rates starting a 2.55%.

The non-bank lender - which is owned by Dilosk - aims to control 15% of the broker market in the short term.

Dilosk CEO Fergal McGrath says he doesn't believe their presence will upset the banks:

"I don't think we need to be overly dramatic about citing a 'mortgage war'.

"It's a bigger market, there are more players in the market. We have modest expectations in terms of market share and we believe we can grow a long-term sustainable business."

Asset management firm Davy Research says ICS Mortgages' entry into the market was expected - but the competitive rates not so much.

"The entry of ICS Mortgages into the owner-occupied mortgage market was expected, but its pricing is somewhat more competitive than anticipated and we would therefore expect this to generate some incremental pressure on new mortgage pricing across the market from current levels," they said.

More on this topic

Appliances Delivered to close with immediate effectAppliances Delivered to close with immediate effect

Johnson & Johnson to recall US baby powderJohnson & Johnson to recall US baby powder

 Large share of Cork, Kerry SME loans soured Large share of Cork, Kerry SME loans soured

Building a food industry that is the gold standardBuilding a food industry that is the gold standard

More in this Section

Serious Fraud Office closes Libor rigging investigationSerious Fraud Office closes Libor rigging investigation

Johnson insists EU free trade agreement can be struck amid no-deal Brexit fearsJohnson insists EU free trade agreement can be struck amid no-deal Brexit fears

IDA Ireland: Era of optimism with growth evident in all sectorsIDA Ireland: Era of optimism with growth evident in all sectors

Renault warning of slowing sales haunts rest of European car industryRenault warning of slowing sales haunts rest of European car industry


Lifestyle

Ovarian cancer has been dubbed ‘the silent killer’. Christina Henry tells Rowena Walsh why she is one of the lucky onesAgeing with attitude: Life after ovarian cancer

Jamie Oliver is on a mission to get everyone eating more vegetables with the release of his new book, Veg.A selection of recipes from Jamie Oliver's new book Veg

More From The Irish Examiner