"The changes will see fixed rates rise by between 0.25 percentage points and 0.45 points, depending on loan-to-value bands. The revised rates will apply to three-year and five-year fixed rate products. ICS, which is the trading name of Dilosk, said the changes reflect prevailing market conditions. Dilosk bought the ICS brand from Bank of Ireland. Existing fixed-rate customers will not be affected, the lender said."
"ICS Mortgages chief commercial officer Ray McMahon said: "While we continually seek opportunities to support borrowers through competitive pricing and innovative products, these fixed rate adjustments reflect the realities of the increase in swap market pricing over the past two months." Dilosk gets its funding from the money markets. This is unlike the banks that have vast reserves of customer deposits and also tap the ECB for funding."
Fixed mortgage rates will rise by 0.25 to 0.45 percentage points across different loan-to-value bands for three-year and five-year fixed products. The adjustments reflect an increase in swap market pricing and the lender's reliance on money-market funding. Dilosk operates under the trading name ICS after buying the ICS brand from Bank of Ireland. Existing customers on fixed rates will not be affected. ICS is the first lender to increase fixed rates this year and operates as a niche player in a mortgage market dominated by AIB and Bank of Ireland. The change could raise repayments on a €300,000 mortgage by up to €80, and other lenders are not expected to follow.
Read at Irish Independent
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