TSB and ICS Building Society have joined the recent round of mortgage rate reductions that have followed the cut in official euro interest rates earlier this month. TSB announced it was cutting its variable mortgage rate by a quarter of a percentage point to 5.15 per cent with effect from April 22nd for new customers and from May 7th for existing customers.

Meanwhile, ICS has cut its fixed mortgage rates instead. Its one-year fixed rate mortgage has been cut to 4.4 per cent from 4.5 per cent, while its two- and three-year mortgages have been reduced to 4.99 per cent.