ICS Mortgages Enter the Owner Occupier Market
ICS Mortgages enters market for owner-occupiers with the Lowest variable rate in the market
ICS Mortgages, the leading Buy-to-Let mortgage lender, is entering the owner-occupier market. The lender is launching a range of highly competitive variable and fixed rate mortgages from as low as 2.55%. The mortgages will be available from this week through mortgage intermediaries and their direct customer channel. Dilosk DAC, trading as Dilosk and ICS Mortgages has over €600m of mortgages under management.
The new mortgages will feature the lowest variable rate in the market (2.70%) for properties with a Loan to Value of less than 50%. The company will also be offering 3 and 5 year fixed rates starting at 2.55% and 2.60%, respectively. Various rates will apply depending on the size of the loan relative to the value of the property – all at highly competitive price points (see notes to editor below).
The strategy is to offer customers low rates, low APRs* and on-going customer flexibility to suit individuals changing needs. Maturing fixed rate customers will be eligible to avail of the relevant new customer variable rate at the expiry of their fixed terms. Customers may also be able to avail of lower rates as their LTV improves over the course of the loan.
The launch sees the ICS Mortgages brand (which was established in 1864) re-entering new lending in the owner-occupier market for the first time since 2013. ICS Mortgages’ Buy-to-let mortgages have been available since 2016 and the company has already gained an estimated 30% market share with their innovative product offerings.
Speaking today, Fergal McGrath CEO and Co-founder of Dilosk (Parent company of ICS Mortgages) stated: “This is a really strong proposition for the owner-occupier mortgage market. We have listened to customers and our offering is focused on market leading rates, real long-term value with low APRs, exceptional customer service and flexible repayment options. We are market leaders in the BTL market and we believe we now have a compelling proposition for First-Time buyers and Switchers also.”
ICS Mortgages’ owner occupier products will be available through their nationwide network of mortgage intermediaries and through their direct customer channel. Throughout the month of September, there will be a select number of mortgage intermediaries providing these mortgages and the aim is for full market rollout in October 2019.
Joan Gleeson, Head of Marketing and Communications, Dilosk
Phone: 086 2468350
Notes to Editors:
ICS Mortgages Owner-Occupier Mortgage rates (as at 02.09.19) Loan-to-Value Variable 3 year fixed 5 year fixed Rate APR Rate APR Rate APR
<50% 2.70% 2.77% 2.55% 2.73% 2.60% 2.73%
<60% 2.70% 2.77% 2.55% 2.73% 2.60% 2.73%
<70% 2.95% 3.02% 2.60% 2.93% 2.65% 2.90%
<80% 2.95% 3.02% 2.60% 2.93% 2.65% 2.90%
<90% 3.15% 3.23% 2.65% 3.10% 2.80% 3.09% *Annual Percentage Rate of Charge (APR) calculations are based on a €200,000 mortgage over a 25-year term
ICS Mortgages’ APRs are significantly more competitive on many products thereby giving better value to customers over the long-term. The APR allows customers to compare products across all mortgage lenders to get a comparison of the true cost over the term of the mortgage.
The Annual Percentage Rate of Charge (APR), is a measure of the total cost of credit to the consumer taking the full length of the life of the mortgage into account and not just the initial mortgage rate together with other up-front incentives.
ICS Mortgages will be offering customers a range of flexible options aimed to suit individuals changing needs throughout their mortgage term. These include:
• Overpay facility – customers can pay an additional 20% off their mortgage in any 12-month period. This will reduce the mortgage term and the amount of total interest paid. This can either be in a lump sum or regular overpayments and should appeal to self-employed, contract workers and those receiving bonuses.
• Mortgage breaks – customers can take a 3-month break from their mortgage up to 3 times throughout their mortgage term. This is to give a little breathing space during certain life events such as the birth of a child, medical of educational expenses.
• Loan- to- value rates throughout the mortgage term. As the customers’ Loan- to- Value reduces, they may be able to avail of lower rates. The customer just needs to provide a new valuation on their home.
About Dilosk and ICS Mortgages
Dilosk DAC, trading as Dilosk and ICS Mortgages is the leading provider of mortgages for Buy-to-Let residential properties in Ireland. The company’s Buy-to-Let mortgages have been available since October 2016.
The company, headquartered in Hume Street, Dublin 2 was established in 2013 and is regulated by the Central Bank of Ireland.
Dilosk, lends under the long-established ICS Mortgages brand and the company now has €600 million of mortgages under management.
ICS Mortgages distributes through its nationwide network of regulated mortgage intermediaries and also offers its mortgages through its direct customer team.
Dilosk DAC trading as Dilosk and ICS Mortgages is regulated by the Central Bank of Ireland