ICS makes big cuts to its rates - now has the lowest variable rate

[Brendan Burgess]

Mortgage lender ICS makes large rate?cuts as big banks ‘stalling’

Mortgage lender ICS’s big rates cuts will mean it is offering some of the cheapest home loans in the Irish market.

www.independent.ie

Over recent times ICS Mortgages has introduced a series of innovations into the Irish market – including specialist mortgages for public sector workers, as well the lowest buy-to-let mortgage rates on offer – offering a wide variety of mortgage options to suit homebuyers at every stage and in every segment of the market.

“At ICS Mortgages we are solely focused on the Irish mortgage market and our ambition is to significantly grow our market share, by providing long-term value and innovative new mortgage products and features tailored to the needs of the Irish homebuyers,” Ray McMahon concluded.

New Rates effective from August 9th on all new residential mortgages. Applicants who have loan applications in progress, but where funds have not yet drawn down, should contact their broker or ICS Mortgages advisor to discuss.

 

[Paul F]

Does anybody know if ICS allow existing customers to get the same rates as new customers?

And/or does "all new residential mortgages" mean that these rates are not available to switchers?

 

[Itchy]

Great to see the path of rates downwards. I wonder why they didn't push their headline rate below Avant's, as I will associate the 1.95 rate with Avant when I hear it.

That said, some interesting features with ICS, Overpay your Mortgage by up to 20% annually without penalty, Mortgage Breaks - customers can apply for a 3 month break from their mortgage payment up to 3 times through their mortgage term. ICS can take your basic public sector pay as two points up the salary scale.

 

[peemac]

Does anybody know if ICS allow existing customers to get the same rates as new customers?

And/or does "all new residential mortgages" mean that these rates are not available to switchers?

Banks don't take over mortgages from other banks, so a switcher is a new residential mortgage as far as the new lender is concerned.

 

[Gigggles]

Is it really the case the ICS switcher mortgage application costs 950 euro + VAT + charges? So you could be down more than a grand and be refused??? or did I pick that up wrong from bonkers.ie?

 

[RedOnion]

Is it really the case the ICS switcher mortgage application costs 950 euro + VAT + charges?

Looks wrong on bonkers?

Costs can only be applied to investment mortgages (consumer credit act banned them for PDH mortgages).

Those specific costs are for their legal fees, so would only arise after underwriting- you're paying their costs to put the legal charges in place. There is also an application fee for BTL mortgages.

Contact ICS and ask for a list of their appointed brokers.