ICS Mortgages cut interest rate and fees for housing bridging loans
ICS Mortgages is to reduce the interest rates and fees across its Housing Bridging Loan products.
From October 16, ICS said the rate on its housing bridging loans will reduce to 10% from 12% a year.
Its arrangement fee will fall to 1% from 2%, while its exit fee will be reduced to 0% from 1%.
The lender said these reductions apply across its three offerings, Trade Down, Buy-to-Let Renovate, and Auction Finance.
It said the cuts will make short-term property financing solutions more cost-effective, enabling more people to unlock opportunities in today’s housing market.
“Reducing the cost of our housing bridging loans is part of our commitment to ensuring these solutions are not only fast and flexible, but also affordable,” said Ray McMahon, Chief Commercial Officer at ICS Mortgages.
“Our own research has indicated a strong desire for many people to right size from larger family homes, particularly those approaching retirement or those already retired,” he said.
“Investors are also seeking opportunities to modernise and improve rental properties. By lowering rates and fees, we are supporting both groups in accessing the finance they need,” he added.
The housing bridging loans offer terms of up to 12 months on accumulated interest and 18 months on interest only.
The loans are available now directly via ICS Mortgages and via its network of approved mortgage brokers around the country.
Article Source – ICS Mortgages cut interest rate and fees for housing bridging loans
