Rate Reductions Announced for Owner-Occupier Mortgage Products

Rate Reductions Announced for Owner-Occupier Mortgage Products
Today, ICS Mortgages is pleased to announce reductions to our owner-occupier fixed rate mortgage products. This initiative also includes several enhancements designed to benefit both new and existing clients. These changes cater specifically to owner occupier first-time buyers, those purchasing their second or subsequent homes, as well as those looking to switch mortgage providers.
Effective from 1st June, 2024, our owner-occupier 3 year and 5 year fixed rates will see a reduction of 0.50%.
Ray McMahon, Chief Commercial Officer at ICS Mortgages, stated, "We're excited to offer these reduced rates which reflect our ongoing commitment to helping customers achieve their dream of home ownership. 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”.
Key enhancements include:
1. Proven Repayment Ability – We will consider 85% PRA for First Time Buyers and 75% PRA for Second and Subsequent Buyers.
2. We will now lend up to age 80 on owner occupier mortgages where income is demonstrated to con􀆟nue to age 80 e.g. Rental income and pensions.
3. Previously announced changes include that we will take basic salary for Public Sector Employees using 3 points up the payscale. We will also include recently announced pay increases in calculating income.
Ray McMahon, Chief Commercial Officer added, “As well as these rate reductions and enhancements, at ICS Mortgages we continue to innovate our product suite accompanied by regular rate reviews”.