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ICS Mortgages to cut mortgage rates for home owners

ICS is to extend repayment periods for borrowers up to the age of 80 where the applicant can demonstrate that they have income to cover repayments
ICS is to extend repayment periods for borrowers up to the age of 80 where the applicant can demonstrate that they have income to cover repayments

ICS Mortgages is to cut its three and five year fixed rates for owner occupiers by half a percentage point from the start of next month.

This would bring its best five year fixed rate to around 5% and its three year rate to 5.25%.

The lender - which is owned by Dilosk - says it will also extend repayment periods for borrowers up to the age of 80 where the applicant can demonstrate that they have income to cover repayments.

This might include pensions or rental income.

"We're excited to offer these reduced rates which reflect our ongoing commitment to helping customers achieve their dream of home ownership," Ray McMahon, Chief Commercial Officer at ICS Mortgages, said.

"ICS Mortgages offers exceptional service, market rates, and flexible features, collectively making ICS Mortgages a strong choice for customers seeking mortgage solutions through our direct channel and our extensive nationwide network of independent mortgage brokers," he added.

ICS is seeking to regain market share after it effectively withdrew from writing new business during the period of soaring interest rates.

As Dilosk is a non-bank lender, its funding costs surged as the European Central Bank raised interest rates from mid-2022.

The ECB is expected to start trimming rates in the coming weeks.