ICS Building Society has announced reductions in its fixed rate mortgage products. Its one-year fixed rate has been fixed until August 2000, which allows customers to avail of up to 18 months at 4.5 per cent, down from 4.75 per cent.

The two-year rate has been reduced by 0.3 percentage points to 5.1 per cent. The three-year rate is down to 5.2 per cent from 5.4 per cent and the five-year rate is down to 5.3 per cent from 5.6 per cent. The new fixed rates are effective immediately.