ICS Mortgages, a nonbank lender owned by Dilosk, has unveiled plans to reduce the rates of its buy-to-let mortgage products. This move, expected from August 1st, is pre-emptive of potential further reductions in interest rates by the European Central Bank (ECB). Rates linked to its two principal buy-to-let offerings will fall from 7.20 per cent and 7.25 per cent, to 7.05 per cent and 7.1 per cent respectively, indicating a decrease of 0.15 per cent.
The Chief Commercial Officer of ICS Mortgages, Ray McMahon, expressed satisfaction at the prospect of offering lower rates. He highlighted the firm’s commitment to delivering value to clients, adding that the reduction in the Buy-to-Let variable rate aids in supporting property investors and landlords in their crucial service provision.
Continued provision of exceptional service, coupled with adaptable attributes, endorses ICS Mortgages. McMahon’s recent announcement of a variable rate decrement supplements the company’s earlier reduction in owner-occupier rates, emphasising their sustained efforts to offer adaptable mortgage goods.
In a bid to regain its market position, the finance group also has plans to slash owner-occupier rates and lengthen the loan repayment periods for borrowers until they reach 80. ICS, responsible for nearly 5 per cent of all new Irish owner-occupier loans in 2021, had to retreat from the market in the summer of 2022 due to rising funding costs experienced by Dilosk on the wholesale and capital markets.