Posted on Wednesday 23rd, March 2022

House hunters have been advised to act quickly to secure a mortgage, as interest rates are expected to rise. Costs could increase, experts warn, after ICS Mortgages became the first provider to raise its fixed rates.

ICS announced an immediate rate increase on all of its fixed mortgage products. Rate increases are a result of the rising cost of capital in the capital markets.


ICS's move may serve as a catalyst for other lenders to follow suit.


With three-year fixed rates ranging from 2.25 percent to 2.55 percent and five-year fixed rates ranging from 2.4 percent to 2.69 percent, ICS remains competitive in comparison to some of the pillar banks. These rates are available from pillar banks at a maximum of 3%.


With the average first-time buyer borrowing €247,790 in the last three months, the ICS increase would result in a €26 monthly increase in mortgage repayments.

The spread between the highest and lowest market rates is now 2.55 points, equating to a potential monthly savings of €135 for every €100,000 repaid over a 25-year term.

At Spirit Mortgages a dedicated mortgage broker, located in the heart of Sandyford's business district, will be able to support you from the very first step of your mortgage journey to ensure you are getting the best possible rate. Talk to the Spirit Mortages team today to find the best rate to suit you and your family.