ICS Mortgages cuts its home loan rates by up to 0.5%
AIB, Bank of Ireland, and Permanent TSB are expected to benefit most from the departure of Ulster and KBC, so ICS is seeking to boost its profile among potential customers.
ICS Mortgages — which has been owned by new entrant Dilosk for the past seven years — has cut all its fixed and variable rate mortgages.
The cuts of up to 0.5% are designed to bolster the lender's profile among new borrowers and potential switchers.
The rate cuts come as the existing big mortgage lenders, AIB, Bank of Ireland, and Permanent TSB, are set to benefit most as competition contracts with the departure of both Ulster Bank and KBC from the market.
For borrowers seeking up to 90% of the loan, ICS said it will now offer a mortgage fixed for three years at 2.35% and a mortgage fixed for five years at 2.5%.
It has a variable rate of 2.7% at the same LTV. Chief commercial officer Ray McMahon said that "market conditions" allowed it to make the cuts for new business.
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