ICS Mortgages today announced it is reducing interest rates across its suite of new residential variable and fixed-rate mortgages, by up to 0.5% and will now offer Limerick and Ireland’s lowest fixed and variable rates.
These reductions, which are effective from August 9th on all new residential mortgages nationwide.
Under these new rates, a typical first-time buyer in Limerick taking out a 30-year mortgage of €250,000 could save more than €18,000 over the lifetime of their mortgage, when compared to the rates offered by one of the largest providers in the market.
That means that those looking to borrow up to 90% of their loan, ICS has stated that it offers a fixed mortgage rate at 2.35% for 3 years, and 2.5% for 5 years. With a variable rate of 2.7%
This reduction, according to Daragh Cassidy from Bonkers.ie, is simply Ireland taking another step in lowering itself to the European average, as since the recession, Ireland has continued to have one of the highest mortgages rates amongst the Eurozone members.
as the only majority Irish-owned non-bank lender in the market.
Ray McMahon, Chief Commercial Officer at ICS Mortgages, said that the company was proud of its heritage as the only majority Irish-owned non-bank lender in the market, and as a trusted lender for generations of Irish homeowners and was continuing this legacy with these significant rate reductions.
“Buying a house is the single biggest financial decision most people will make in their lifetime. In recent years, however, Limerick homebuyers have been offered a shrinking pool of options for how they fund such an essential purchase. Whether you are seeking a fixed or variable mortgage, are a first-time buyer, a mover or looking to switch in search of better value.”
