ICS Building Society confirms mortgage rate changes and has no plans for further increases in 2010

ICS Building Society today, Tuesday 3rd of August 2010, announced interest rate increases to their Owner Occupier and Buy to Let mortgages. These rate changes are effective from Tuesday 10th of August 2010.

Owner Occupier Rates

Standard Variable Rate = + 0.45%
Variable LTV rates for new and existing business = + 0.25%
Fixed rates for new and existing* business = + 0.25%

Buy To Let Rates

Investment Variable rate = + 0.45%
Variable rates for new and existing business = + 0.15%
Fixed rates for new and existing* business = + 0.15%

Commenting on the rate increases, Brendan Nevin, Director of Consumer Lending, said: “Funding mortgages has become increasingly costly. For example, we are paying more to customers for deposits than we are receiving for mortgages. As a result of this, our current mortgage pricing is unsustainable. While any increase is regrettable, we have no choice but to make this move to ensure we remain open for business and continue to support our customers and the Irish economy going forward. At this point, we do not envisage further mortgage rate increases in the current year outside of ECB moves.”

*Customers currently on a fixed rate will not be impacted by this rate increase. The existing fixed rate increases detailed here are for existing mortgage customers who now wish to move to a fixed rate.

ENDS

Julie Sherlock
Group Communications
Bank of Ireland
Tel Mobile: +44 7702 668817
E: Julie.Sherlock@boini.com