ICS withdraws tracker mortgages and hikes rates

ICS Building Society is to stop providing tracker mortgages for people buying investment properties from Tuesday.

30th August, 2008

ICS Building Society is to stop providing tracker mortgages for people buying investment properties from Tuesday.

‘‘We will no longer offer tracker mortgage rates to residential investment customers from start of business on September 2,” read a statement issued to brokers last week.

Interest rates on tracker mortgages will rise for owner-occupiers. There will now only be one tracker rate for all loan-to-value (LTV) ratios greater than 80 per cent, with new customers...

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