Alison Fearon from Switcheroo.ie reviews ICS’s new interest rates
Great news for Irish consumers as ICS has announced that they have cut interest rates across all variable and fixed rate products. These rates came into effect on Monday, 9th of August.
ICS Mortgages is a residential mortgage lender, specialising in mortgages for public sector workers and buy-to-let mortgages. They act favourably towards public sector workers – they will consider an income level of 2 points up the pay scale. As well as this, they provide enhanced flexibility on overpayments on fixed rate products, without penalty. Their new, low rates are as follows:
ICS have offered first-time buyers, with a loan-to-value (LTV) of 90%, an interest rate of 2.35% across a 3-year fixed rate and a 2.5% interest rate across a 5-year fixed rate. Although these rates for first-time buyers are not as competitive as the other lenders such as Haven and AIB, it is important to remember their favourability towards public sector workers. If you are working in the public sector and looking to borrow the absolute maximum, ICS is definitely worth considering.
Home-hunters and movers with a loan-to-value (LTV) of 80% are eligible for an interest rate of 2.2% across a 3 or 5-year fixed term. Haven, AIB’s mortgage broker channel, is the only lender in the market to beat this rate – offering a 2.15% interest rate to homeowners with a BER rating of B3 or better.
Those looking to switch their mortgage with a loan-to-value (LTV) of 70% will be offered the best headline rate in the Irish, mortgage market – 2.1% across a 3 or 5-year fixed term. Whilst those with an LTV of 60% will be offered a rate of 1.95%.
|
Situation: |
Loan-To-Value: |
Rate & Fixed Term: |
|
First Time Buyer |
90% |
2.35% 3-Year Fixed Term 2.50% 5-Year Fixed Term |
|
Mover |
80% |
2.20% 3-Year/5-Year Fixed Term |
|
Switcher |
70%
60% |
2.10% 3-Year/5-Year Fixed Term 1.95% 3-Year/5-Year Fixed Term |
Thinking of getting on the property ladder, moving house, or perhaps considering switching your mortgage to avail of a better rate? Get in touch with our team of mortgage experts who will be more than happy to discuss potential mortgage options.
Alison Fearon is Managing Director of Switcheroo.ie
Panda capital Limited T/A Switcheroo is regulated by the Central Bank of Ireland.
