Changes have been introduced to ICS Mortgages new fixed rate applications. It has upped its fixed mortgage interest rates for owner occupier mortgages with immediate effect.
Chief commercial officer Ray McMahon explained that the increases “reflect the significant upward pressure on the cost of financing fixed interest rate products in the international markets. This is a result of considerable rate movements in capital markets due to inflationary pressures being felt across Europe and globally.”
The amendments see a five-year fixed rate for a mortgage with a loan-to-value (LTV) ratio of below 60% increase from 1.95% to 2.4%, while those with an LTV of below 70% will increase from 2.1% to 2.45%.
Five-year fixed rate mortgages with an LTV of less than 80% will increase from 2.2% per to 2.6%, while those with an LTV of less than 90% will rise from 2.5% to 2.69%.
A three-year fixed rate for a mortgage with an LTV ratio of below 60% will go up from 1.95% to 2.25%, while those with an LTV of below 70% will increase from 2.1% to 2.3%.
Three-year fixed rate mortgages with an LTV of less than 80% will increase from 2.2% to 2.45%, and those with an LTV of less than 90% will rise from 2.35% to 2.55%.
Existing customers currently on a fixed rate or variable rate, or applicants who have an existing loan offer under agreed terms will not be affected.
LSL News.