ICS Mortgages has announced an increase in its variable mortgage interest rates for owner occupier mortgages. The rates will rise by between 0.20 and 0.30 percentage points across all loan-to-value (LTV) bands, bringing them to a range of 6.25% to 6.4%. This follows similar increases by rival Finance Ireland last month.
ICS buy-to-let mortgage interest rates will also increase, by between 0.30 and 0.50 percentage points across all LTV bands. These rate changes will be effective from August 1.
Existing applicants with valid loan offers from ICS Mortgages will not be affected if the mortgage draw down takes place by July 31.
The latest rate increases by ICS Mortgages are a response to interest rate increases by the European Central Bank and the rising cost of financing mortgage products. ICS Mortgages aims to maintain its position as a prudent and sustainable lender, while continually reviewing its interest rates.
According to broker Michael Dowling, the rate increases announced by ICS are significant and echo the actions of Permanent TSB. The variable rates offered by ICS and Finance Ireland are comparable to those of Pepper and Start Mortgages. Dowling expects AIB and Bank of Ireland to follow suit with their own variable rate increases.
Earlier this week, Permanent TSB also announced an increase in its standard variable rate (SVR) for homeowners. The rate will rise by 0.35 percentage points to 4.30%. Managed Variable Rates (MVRs) for home loans, which are linked to each customer’s LTV, will increase by 0.05 to 0.40 percentage points. Following these changes, MVRs will range from 3.80% to 4.30%. Permanent TSB’s fixed rates for new business range from 3.90% to 4.90%, depending on the fixed rate term and LTV. There are no changes to the bank’s fixed rates for existing customers.
Permanent TSB also plans to increase variable and fixed rates for buy-to-let mortgage customers, and will no longer offer fee waivers on legacy current accounts. These changes will come into effect on July 31.
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