Agreement is subject to regulatory approval but is expected to close in the coming months
Dilosk , the nonbank mortgage lender, has agreed to buy a €400 million of Ulster Bank residential loans from NatWest Group as part of its strategy to grow the value of its mortgages under management to around €2 billion.
The agreement, which is subject to regulatory approval, is expected to be completed “over the coming months”, Dilosk said in a statement on Friday. The lender, which acquired the ICS Mortgages brand and platform in 2014 from Bank of Ireland and ventured into owner-occupier home loans in 2019, said the legal and regulatory protections attached the mortgages in the €400 million portfolio will not change as a consequence of the sale.
“We look forward to welcoming our circa 4,000 new customers and assure them of our dedication to meeting their mortgage needs today and into the future with the utmost care and professionalism,” said Dilosk chief executive Fergal McGrath. “This acquisition marks a significant milestone for Dilosk and ICS Mortgages as we increase our mortgages under management to circa €2 billion.
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