Feb 4th 2022

ICS sees 143pc growth in mortgage lending in 2021

Sarah Collins

Irish non-bank lender ICS Mortgages saw a 143pc year on year growth in drawdowns in 2021.

The €530m increase boosted the firm’s share of the mortgage market to 5.05pc last year, ICS said on Friday.

ICS Mortgages increased its total loan book by over 25pc to more than €1bn in the course of last year.

Chief executive Fergal McGrath said the lender aims to supply over 10pc of Irish mortgages within the next three years.

The announcement comes the year after Ulster Bank and KBC announced their exit from the Irish mortgage market, with their loan books to be taken over by the existing pillar banks.

“As a majority-Irish owned non-bank lender in the mortgage market, we are purely focused on providing mortgages and on delivering real value to our customers via market-leading competitive rates and product innovation,” said Mr McGrath.

“We are really pleased that Irish consumers have responded to our offerings in such growing numbers.

“We look forward to building on this significant performance in 2022 and beyond. Everyone at ICS Mortgages is committed to continuing to deliver market-leading price, service and innovation for Irish home buyers.”

ICS Mortgages was originally established in 1864 as the Irish Civil Service Building Society.

The news comes after the European Central Bank hinted at a rise in interest rates this year in response to the rising cost of living, with eurozone prices hitting a record 5.1pc in January.

ICS sees 143pc growth in mortgage lending in 2021 (independent.ie)

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