FIXED-RATE mortgage products were becoming increasingly popular and represented two-thirds of all mortgages taken out last year, according to ICS Building Society chairman Mr Francis B. O'Rourke.

The society advanced a record £128 million in new mortgages last year - an increase of 40 per cent - and its mortgage book now stands at £627 million, the society's annual general meeting was told yesterday.

Meanwhile, national economic well-being was reflected in the decrease in the number of borrowers experiencing difficulties in meeting their repayment commitments, the annual meeting was told.

Mr O'Rourke described 1996 as a transition year during which a detailed review of the society's services was conducted, resulting in a redesign of some products.

"The benefits of this review are reflected in very satisfactory growth in new mortgage advances in what was a very competitive market. New applications in the latter half of the year were strong and have fed into this year's advances," he said.

This year a new chief branch office will be opened at 35 College Green, while its existing head office in Westmoreland Street will also be moved to a new city location.