ICS Mortgages cuts rates despite ECB pausing reductions
The reduction is just 0.2 percentage points.
ICS, which is the trading name of Dilosk, said the reduction applies across all loan to value bands for new and existing owner occupier variable rate customers.
Chief commercial officer at ICS Mortgages Ray McMahon said: 'We are pleased to introduce these rate reductions as part of our ongoing efforts to deliver value and support to our customers. At ICS Mortgages, our mortgages remain innovative and responsive to our customer's needs.'
But ICS said there will be no changes to interest rates for former Ulster Bank Flexible Mortgage customers who migrated to Dilosk.
Earlier this week, AIB units EBS and Haven said they were cutting interest rates on their non-green mortgages by up to 0.50pc for new and existing customers.
The latest ICS Mortgages, EBS and Haven reductions are being implemented despite the European Central Bank (ECB) leaving its interest rates unchanged this week after eight previous reductions.
Many experts reckon the ECB is now finished its rate-cutting actions.
However, some market watchers say their could be one more 0.5 percentage point reduction in ECB rates later in the year.
The Frankfurt-based central bank is on hold as it waits to see how big a blow US President Donald Trump's tariffs will inflict on the economy before deciding whether to cut rates again.
Bank boss Christine Lagarde said: 'The economy has so far proven resilient overall in a challenging global environment.
'At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.'
The ECB has already cut rates eight times since June of last year and Ms Lagarde said after the last policy meeting on June 5 that the central bank is 'getting to the end of a monetary policy cycle'.
Inflation has fallen from double digits in late 2022 to 2pc in June, in line with the ECB's target.
A stronger euro, which lowers the price of imports, and softer global prices for oil have helped keep inflation moderate.
The stronger euro, up 13pc this year, has attracted attention as a potential damper on growth.
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