ICS Mortgages to boost rental market with unique buy-to-let mortgage

Supported by a €200m Facility

ICS Mortgages today stated that their new Buy-to-Let mortgage with a unique 10-year interest only option is now available nationwide.

The first new mortgage product from Irish specialist mortgage lender Dilosk, who acquired ICS Mortgages from Bank of Ireland in 2014, is available to both individuals and companies. Dilosk has secured an initial facility of €200m for the new product, which comes with a range of competitive variable rates starting at 4.49% based on LTV. During a trial test period with a number of mortgage brokers, significant interest and take up of the product has been recorded.

According to Fergal McGrath, Chief Executive Dilosk, this new Buy-to-Let product is anticipated to provide strong competition in the market.

“It will appeal to both established property investors with existing properties, those looking to refinance and expand their portfolios, as well as those wishing to buy their first Buy-to-let property. There is significant demand in the market for a new competitive Buy-to-Let Mortgage Proposition to cater for the increasing demand for good quality rental accommodation in Ireland,” he says.

“Access to new finance is a key enabler that can assist in creating a more stable property environment. A lack of access to mortgage finance for Buy-to-Let investors has been one element of our complex housing situation in Ireland. According to the latest daft.ie data, the number of properties available to rent nationally fell below 4,000 last year from a peak of 27,000 back in 2009. A new stream of finance can play a positive part for the long-term provision of affordable and quality accommodation solutions to meet the various needs of a range of tenants”.

“We are hugely encouraged by the response to date in terms of volume of applications, the reaction to our bespoke application system as well as to our streamlined processing system. ICS Mortgages has had a very strong relationship with professional mortgage brokers for many years and we look forward to continuing and strengthening this partnership into the future with our new offering for both new and existing property investors,” Mr McGrath concludes.

Key features of the ICS Mortgages Buy-to Let Product: – 10-year interest only option – 20-year capital and repayment option – Rates from 4.49% – Loans for Individuals and Companies. – Loans up to 70% LTV – Min loan size €40,000- max loan size €1.25m – Terms from 5 to 20 years – Min property value €80,000 with no max property value

Further information is available on www.icsmortgages.ie This product will also be available Direct on 1 890 989 234. ICS Mortgages is one of Ireland’s oldest and renowned mortgage brands with a heritage that dates back to 1864.

For information: Siobhan Molloy Tel: (01) 6798600 Weber Shandwick PR 086 817 50 66 Notes to Editors: About ICS Mortgages and Dilosk Dilosk DAC, trading as Dilosk and ICS Mortgages, is an Irish financial services company, headquartered at Hume Street, Dublin. Dilosk initially entered the Irish mortgage market in 2014 through the acquisition of ICS Mortgages, including the brand, a portfolio of €223 million of mortgages and distribution platform, from Bank of Ireland. ICS Mortgages is currently lending to its existing customer base through various top-up mortgages and is now set to grow its mortgage business in Ireland by offering new Buy-to-Let mortgages. As a regulated entity Dilosk complies with all the relevant regulatory codes applicable to mortgage lending in Ireland. Product details and rates are correct as at 25.01.2017 but are subject to change. Lending criteria, Terms and Conditions apply and are subject to change. Dilosk DAC trading as Dilosk and ICS Mortgages is regulated by the Central Bank of Ireland.