ICS Mortgages has announced rate cuts for its buy-to-let mortgage products in anticipation of further interest rate reductions at European Central Bank (ECB) level.
The nonbank lender, owned by Dilosk, said its buy-to-let rates would be reduced by 0.15 per cent from August 1st, meaning the rates attached to its two main buy-to-let products will be reduced from 7.20 per cent and 7.25 per cent to 7.05 per cent and 7.1 per cent respectively.
Ray McMahon, chief commercial officer at ICS Mortgages, said: “We are pleased to introduce these lower rates, demonstrating our ongoing dedication to delivering value to our customers. Lowering the Buy-to-Let variable rate helps us support property investors and landlords in providing essential services.”
“ICS Mortgages continues to offer outstanding service and flexible features and today’s announcement of a variable rate cut is in addition to our recent owner occupier rate reductions underscoring our continuous efforts to provide flexible mortgage products,” he said.
The financial group has moved to cut owner-occupier rates and extend repayment periods for borrowers until the age of 80 in a bid to rebuild its market share.
ICS, which accounted for about 5 per cent of new Irish owner-occupier loans in 2021, pulled back from the market in the summer of 2022 as its parent, Dilosk, saw its funding costs spiral on the wholesale and capital markets.
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