New ICS First Time Buyers Mortgage package

Just got a release from ICS about their mortgage package for First Time Buyers.

A fantastic 1 year fixed rate of 2.55% (3.6% APR*) available to First Time Buyers who drawdown their mortgage before the 30th of June 2009

€1,000 cash First Time Buyer mortgage customer's will receive €1,000 cash for mortgages drawn down by the 30th of September 2009

€1 billion fund - On Monday the 16th of February 2009, Bank of Ireland announced that it has put in place a fund of €1bn for First Time Buyer mortgage customers. This fund of €1bn is across Bank of Ireland Group, including ICS Building Society

These are welcome initiatives but I can't see them causing too many First Time Buyers to rush out and buy now. The one-year fixed rate is only of value if the rates after year one are competitive.

And what exactly does it mean that they have put in place a fund of €1bn for First Time Buyer mortgage customers?

A really low rate fixed for three years or longer would be a nice twist. Over to you, AIB...