The nonbank mortgage provider, Dilosk, is set to acquire residential loans worth €400 million from Ulster Bank, owned by the NatWest Group. This move aligns with Dilosk’s strategy to bolster the value of its managed mortgages, aiming for a total nearing €2 billion. Subject to regulatory approval, the deal is anticipated to be finalised in the coming months, as revealed in Dilosk’s Friday statement.
Having purchased the ICS Mortgages brand and platform in 2014 from the Bank of Ireland, and branching into owner-occupier home loans in 2019, Dilosk assures that the existing legal and regulatory protections tied to the properties in the €400 million portfolio won’t be modified due to this sale.
Dilosk CEO, Fergal McGrath greets roughly 4000 new customers with their pledge to meet current and future mortgage requirements with care and expertise. He regards this acquisition as a milestone, ramping up their managed mortgage value to about €2 billion. Further information is expected to follow in the coming weeks.