ICS tighten lending criteria
ICS has tightened it'slending criteria both on the income multiple side and on the amount it is willing to advance as part of the purchase price.
ICS is part of The Bank of Ireland Group.
ICS has also introduced different loan to value ratios depending on whether one is within or outside a city boundry.
This move,if followed by other lenders, will have a dampening effect on house prices in some areas.
Lower income multiples were expected but we are surprised that they have reduced the loan to value ratio from 92% to 90%.
Many first time buyers are really stretched looking to assemble a deposit and despite the fact that they can now buy a house at 40% less than was available one year ago ,they may now being asked to save an extra 2%.
This is a surprising and disappointing development.