Starting in August, ICS offers a 0.2 percentage point reduction in variable mortgage rates applicable to new and existing owner occupier customers. Former Ulster Bank Flexible Mortgage customers will not see any changes. Competing banks EBS and Haven also announced rate cuts up to 0.50%. These reductions occur despite the European Central Bank (ECB) maintaining its interest rates stable after previous cuts, with potential future adjustments awaiting economic impact from trade tensions.
We are pleased to introduce these rate reductions as part of our ongoing efforts to deliver value and support to our customers. At ICS Mortgages, our mortgages remain innovative and responsive to our customer's needs.
The economy has so far proven resilient overall in a challenging global environment. At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.
Inflation has fallen from double digits in late 2022 to 2pc in June, in line with the ECB's target.
Many experts reckon the ECB is now finished its rate-cutting actions. However, some market watchers say there could be one more 0.5 percentage point reduction in ECB rates later in the year.
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