Dilosk to buy Leeds Building Society’s €182m Irish mortgages

Dilosk, the buy-to-let specialist that bought Bank of Ireland's ICS Mortgages brand in 2014, has agreed to buy the €182 million Irish mortgages book of Leeds Building Society, which announced plans during the summer to exit the market.

It marks Dilosk’s fourth loan portfolio acquisition to date and brings its total loans to about €600 million, according to chief executive Fergal McGrath.

Pepper Finance Corporation will manage the 789 of mainly performing loans involved in the latest transaction on a day-to-day basis for Dilosk and hold the legal title on the mortgages.

“We are delighted with this latest acquisition which further expands Dilosk’s mortgage business and supports our organic new lending business model,” said Mr McGrath. “This is part of the company’s long-term growth plan, targeting both existing performing residential mortgage books in addition to new mortgage lending where we currently specialise in the residential investment (buy-to-let) mortgage market.”

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Dilosk initially acquired €223 million of mortgages in the ICS transaction and went on to buy €160 million of former GE Capital Irish home loans in two transactions in 2017.

Early last year, Dilosk started buy-to-let mortgage lending under the ICS brand. The company aims to enter the owner-occupier lending space in the first half of next year.