ICS Mortgages to cut variable rate mortgages by 0.2%
The lender - which is owned by Dilosk - said the new rates will be effective from August 1.
It said the reduction applies across all loan to value bands for new and existing owner occupier variable rate customers.
ICS said the cut reflects its commitment to supporting customers and forms part of its broader strategy to continue to offer flexible, transparent and customer-focused mortgage solutions.
"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," Ray McMahon, Chief Commercial Officer at ICS Mortgages, said.
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 0.50% for new and existing customers.
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RTÉ News
4 days ago
- RTÉ News
ICS Mortgages to cut variable rate mortgages by 0.2%
ICS Mortgages is to cut all of its owner occupier variable rate mortgages by 0.2%. The lender - which is owned by Dilosk - said the new rates will be effective from August 1. It said the reduction applies across all loan to value bands for new and existing owner occupier variable rate customers. ICS said the cut reflects its commitment to supporting customers and forms part of its broader strategy to continue to offer flexible, transparent and customer-focused mortgage solutions. "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," Ray McMahon, Chief Commercial Officer at ICS Mortgages, said. 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 0.50% for new and existing customers.
Irish Independent
25-07-2025
- Irish Independent
ICS Mortgages cuts rates despite ECB pausing reductions
The new variable rates are available from the start of August. 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.
Irish Independent
24-06-2025
- Irish Independent
Non-bank lender ICS cuts mortgage rates, but remains expensive compared with rivals
But ICS remains expensive compared with its rivals in the market despite the reductions. It also charges existing customers more than new ones. ICS Mortgages, the trading name of Dilosk, said it was cutting its rates by up to 0.15 percentage points. The reductions are across fixed mortgage rates for both new and existing owner-occupier mortgages. The new rates are available from July 4, and applicable to three- and five-year fixed rates. It said its latest rate changes reflected ICS Mortgages' commitment to supporting customers and would form part of its broader strategy to continue to offer flexible, transparent and customer-focused mortgage solutions. For new customers, the reductions apply across loan-to-value bands. The new three-year fixed rates will start from 3.85pc, and the new five-year fixed rates will start from 4.15pc. Existing ICS variable-rate customers will be able to get a three-year rate from 4.1pc from next month. A five-year fixed rate will be available from 4.25pc for existing customers. Ray McMahon, chief commercial officer at ICS Mortgages, 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 customers needs.' ADVERTISEMENT There will be no changes to interest rates for former Ulster Bank Flexible Mortgage customers who migrated to Dilosk DAC. Mortgage broker Michael Dowling, of Dowling Financial in Dublin, said the reductions were welcome. However, he said: 'These rates are still expensive compared to their competitors. The market would on average be anything from 0.5 percentage points to 0.85 points cheaper for a range of fixed options.' He also noted that ICS Mortgages is charging higher rates for existing customers. Mr Dowling said this was a practice long stopped by its competitors. The ICS move comes after the European Central Bank (ECB) has cut its key lending rates for the eighth time since last summer. The rate from which tracker mortgages are priced is down to 2.15pc. It was last at this rate in late 2022, and rose to as high as 4.5pc at the end of 2023. About 130,000 holders of tracker mortgages, whose repayments are directly linked to the ECB's main rate, stand to benefit immediately from the announcement. Most Irish mortgage holders are on fixed or variable rates, however, and will await to see if their lenders pass on the reduction. More ECB cuts have been thrown into doubt by fluctuations in oil prices and the euro currency. Energy prices have jumped after Israel launched attacks on Iran. Governing Council member Francois Villeroy de Galhau, of France, said recent oil volatility could affect ECB rate cuts. While ECB officials have indicated that inflation is now largely contained, a sustained hike in oil prices as a result of the conflict in the Middle East would potentially push prices up across a range of sectors.
