ICS Building Society has announced reductions in the rates applicable on several of its fixed-rate mortgage products.

A one-year fixed mortgage is now available at 4.99 per cent, a reduction of 0.81 of a percentage point. A two-year fixed is now 5.65 per cent, down 0.1 of a point, and three-year fixed rates are offered at 5.7 per cent, which is a reduction of 0.1 of a point on year one and 0.5 of a point for the second and third years.

The five-year fixed has been cut by 0.55 of a point, from 6.25 per cent to 5.7 per cent, while the 10-year fixed has been reduced by from 6.9 per cent to 6.3 per cent. The new rates take effect from today.