ICS MORTGAGES TO BOOST RENTAL MARKET WITH UNIQUE BUY-TO-LET MORTGAGE
25th January 2017
Supported by a €200m Facility
ICS Mortgages today stated that their new Buy-to-Let mortgage with a unique 10-year interest only option is now available nationwide. The first new mortgage product from Irish specialist mortgage lender Dilosk, who acquired ICS Mortgages from Bank of Ireland in 2014, is available to both individuals and companies. Dilosk has secured an initial facility of €200m for the new product, which comes with a range of competitive variable rates starting at 4.49% based on LTV. During a trial test period with a number of mortgage brokers, significant interest and take up of the product has been recorded.
According to Fergal McGrath, Chief Executive Dilosk, this new Buy-to-Let product is anticipated to provide strong competition in the market.
“It will appeal to both established property investors with existing properties, those looking to refinance and expand their portfolios, as well as those wishing to buy their first Buy-to-let property. There is significant demand in the market for a new competitive Buy-to-Let Mortgage Proposition to cater for the increasing demand for good quality rental accommodation in Ireland,” he says.
“Access to new finance is a key enabler that can assist in creating a more stable property environment. A lack of access to mortgage finance for Buy-to-Let investors has been one element of our complex housing situation in Ireland. According to the latest daft.ie data, the number of properties available to rent nationally fell below 4,000 last year from a peak of 27,000 back in 2009. A new stream of finance can play a positive part for the long-term provision of affordable and quality accommodation solutions to meet the various needs of a range of tenants”.
“We are hugely encouraged by the response to date in terms of volume of applications, the reaction to our bespoke application system as well as to our streamlined processing system. ICS Mortgages has had a very strong relationship with professional mortgage brokers for many years and we look forward to continuing and strengthening this partnership into the future with our new offering for both new and existing property investors,” Mr McGrath concludes.
Key features of the ICS Mortgages Buy-to Let Product:
– 10-year interest only option
– 20-year capital and repayment option
– Rates from 4.49%
– Loans for Individuals and Companies.
– Loans up to 70% LTV
– Min loan size €40,000- max loan size €1.25m
– Terms from 5 to 20 years
– Min property value €80,000 with no max property value
Further information is available on www.icsmortgages.ie This product will also be available Direct on 1 890 989 234.
ICS Mortgages is one of Ireland’s oldest and renowned mortgage brands with a heritage that dates back to 1864.
ICS Mortgages to launch new buy-to-let product in the new year
7th October 2016
ICS Mortgages today stated that it is bringing a unique Buy-to-Let mortgage product to the Irish market. Currently in final development, a pre-launch lending phase in November will see the product available through a small number of mortgage brokers initially. Designed to cater for the growing demand in the Irish Buy-to-Let mortgage sector, the product will be available through ICS Mortgages accredited brokers nationwide in early 2017.
This is the first new mortgage product from ICS Mortgages since Irish financial services company, Dilosk Designated Activity Company took over the ICS mortgage book in mid-2014. It is anticipated to provide b competition in the market. Aimed at new and current property investors, the product has a number of key attractive benefits that include a ten- year interest only option.
According to Fergal McGrath, Chief Executive, Dilosk, “there is significant demand in the market for a new competitive Buy-to-Let mortgage proposition to cater for the increasing demand for good quality rental accommodation in Ireland. This product will appeal greatly to both established property investors with existing properties, those looking to expand their portfolios, as well as those wishing to purchase their first Buy-to-Let property. ICS Mortgages will also provide facilities to refinance current rental portfolios”.
“We are delighted to be in the final stages of bringing this product to market. We will consider applications from both individuals and companies wishing to purchase residential investment properties in Ireland. The product is also available to people living abroad who wish to buy a residential investment property in Ireland. We will be offering a streamlined specialist service tailored specifically to the property investors’ needs. ICS Mortgages has had a b relationship with the professional mortgage brokers in the market for many years and we look forward to strengthening this partnership with what we view as an excellent product for both new and existing property investors,” Mr McGrath says.
ICS Mortgages is one of Ireland’s oldest and renowned mortgage brands with a heritage that dates back to 1864.
Dilosk DAC trading as Dilosk and ICS Mortgages is regulated by the Central Bank of Ireland
Siobhan Molloy Tel: (01) 6798600
Weber Shandwick PR 086 817 50 66
DBRS Confirms Ratings on Dilosk RMBS No. 1 Limited
26th May 2016
DBRS Ratings Limited (DBRS) has today confirmed the ratings on the notes issued by Dilosk RMBS No.1 Limited (Dilosk 1) as follows:
— Class A notes confirmed at AAA (sf)
— Class B notes confirmed at AA (sf)
— Class C notes confirmed at A (sf)
— Class D notes confirmed at BBB (sf)
The rating confirmations are based on the following analytical considerations:
— Portfolio performance, in terms of delinquencies and losses.
— Portfolio probability of default rate (PD), loss given default (LGD) and expected loss assumptions for the remaining collateral pool.
— Current credit enhancement (CE) available to the notes to cover the expected losses at the respective rating levels.
Dilosk 1 closed in May 2015 and is a securitisation of the first-ranking Irish residential mortgages originated by ICS Building Society, which was previously part of the Bank of Ireland Group. Dilosk Limited acquired the mortgage portfolio, the ICS brand and the mortgage distribution platform from the Bank of Ireland in September 2014. The servicing of the portfolio is delegated to Capita Asset Services and Homeloan Management Limited is the backup servicer on the transaction.
The performance of the transaction is within DBRS’s expectations. Since the transaction closing, there has been no loss realized and no loan has been more than 3 full monthly repayments in arrears.
PD and LGD Assumptions
House prices in Ireland continued to improve since the transaction closing. As of March 2016, house prices have increased by 3.88% in Dublin and by 10.49% outside Dublin year over year. DBRS has updated the base-case PD to 1.12% and LGD to 2.36% for the remaining collateral pool in this rating review.
Credit Enhancement Available
The CE available to the notes has increased slightly as the transaction has deleveraged. As of 20 May 2016, the available CE increased to 26.14% for the Class A notes, to 12.22% for the Class B notes, to 8.73% for the Class C notes and to 6.42% for the Class D notes. The CE is provided through the subordinated notes and the General Reserve Fund, which is currently at its target level.
BNP Paribas, Dublin Branch is the Account Bank in this transaction. DBRS’s private rating on the Account Bank meets the Minimum Institution Rating criteria given the AAA (sf) rating assigned to the Class A notes as described in DBRS’s “Legal Criteria for European Structured Finance Transactions” methodology.
For the full DBRS press release click here.
Dilosk receive an award from Finance Dublin under the Debt Capital Markets Deals of the Year category.
Dilosk are delighted to be the recipient of an award from Finance Dublin Deals of the Year Award 2016. The particular category for the award was Debt Capital Markets RMBS Deal of The Year and was recently awarded to Dilosk RMBS No 1 Limited, Dilosk’s inaugural public bond issuance which raised €206 million in the European capital markets. The bonds are listed on the Irish stock exchange and Deutsche Bank acted as sole arranger and lead manager. A&L Goodbody and Clifford Chance were the main legal advisors on the transaction.
Dilosk Moves to new Head Office on Hume Street
4th January 2016
Dilosk moved to a new Head Office premises at 16 Hume Street Dublin 2.
Our Head Office is located in the heart of the city centre, just off St. Stephen’s Green, Dublin 2. It is a short stroll from both Grafton Street and the timeless landmark of the Shelbourne Hotel.
Our Head Office telephone number has not changed: +353 (0)1 5180030.
Existing ICS Mortgage customers who wish to contact us should continue to use the following contact details:
Phone: 1890 542 542
Address: ICS Mortgages, PO Box 1077, Maynooth, Co. Kildare.
Standard & Poor’s affirm its Credit Ratings on Dilosk RMBS No.1 transaction
9th October 2015
Standard & Poor’s reviewed Dilosk RMBS No.1 by conducting credit and cash flow analysis under their updated Irish RMBS criteria. Following the review, the rating agency affirmed their ratings on all classes of notes.
For the full S&P report click here.
Dilosk Limited successfully closes Inaugural Public Bond Issuance
Dublin, Ireland – 29th May 2015
Irish financial services company, Dilosk Limited, has successfully raised €206 million in its inaugural public bond issuance backed by residential mortgages. The investor demand was b and the deal was oversubscribed. The transaction consisted of 4 classes of bonds which were placed with third party institutional investors located throughout Europe. The bonds were issued by Dilosk RMBS No.1 Limited, and are rated by Standard & Poor’s and DBRS rating agencies. The bonds are rated from AAA to BBB and the Class Z bonds (not rated) were not offered to investors and have been retained by Dilosk limited. The bonds are listed on the Irish Stock Exchange. Deutsche Bank acted as sole arranger and lead manager for the transaction.
The issuance is part of the Company’s long term growth plan targeting new lending with a particular focus on the Irish residential Buy-to-Let mortgage market. The Company expects to commence new lending in the latter part of 2015.
Weber Shandwick PR +353 (0)1 6798600
Siobhan Molloy/Eoin Quinn +353 (0)86 8175066 / +353 (0)87 2332191
Dilosk Limited Announces the Launch of Inaugural Public Bond Issuance
Dublin, Tuesday, 12th May 2015
Irish financial services company, Dilosk Limited, today announces the launch of its inaugural public bond issuance of €206 million, through the issuer Dilosk RMBS No.1 Limited, secured by Residential Mortgages. The bonds will be rated by Standard & Poor’s and DBRS. The offering is part of the Company’s long term growth plan targeting new lending with a particular focus on the Irish residential investment (Buy-to-Let) property market. Deutsche Bank has been mandated as Sole Arranger and Lead Manager. Investor roadshows will commence on 14th May 2015 in the UK and other European countries. Pricing of the transaction is expected to take place thereafter. The bonds will be listed on the Irish Stock Exchange.
Weber Shandwick PR +353 (0)1 6798600
Siobhan Molloy/Eoin Quinn +353 (0)86 8175066
ICS DISTRIBUTION PLATFORM TRANSFERS TO DILOSK
Dublin, Ireland – 1st September 2014
Dilosk Limited are pleased to announce that the transfer of a c.€223 million pool of mortgage accounts from Bank of Ireland to Dilosk has taken place, today, 1st September 2014.
Along with the c.€223 million mortgage pool, Dilosk also acquired the ICS brand and distribution platform. Dilosk will issue confirmation letters to all affected customers regarding the transfer of their mortgage accounts. The letters, which will be issued today, will include new contact details should any customers have queries.
Dilosk CEO Fergal McGrath said:-
“My colleagues and I would like to welcome our new customers to Dilosk. We look forward to providing them with high quality service to meet their needs now and into the future.”
Mr McGrath further commented: “I want to thank everyone from all teams for all the effort and attention to detail that went into ensuring such a smooth and efficient transfer process. I would also like to welcome our new colleagues to Dilosk and we wish them every success.”
Dilosk Limited is an Irish financial services company headquartered in Merrion Square, Dublin. Dilosk recently received authorisation from the Central Bank of Ireland to operate as a retail credit firm. Dilosk customers will be afforded all protections under the various regulatory codes applicable to mortgage lending in Ireland. Dilosk Limited, trading as Dilosk, is regulated by the Central Bank of Ireland.
Dilosk Receives Authorisation from the Central Bank of Ireland
Dublin, Ireland – 14th August 2014
Dilosk are pleased to announce that it has received confirmation from the Central Bank of Ireland authorising Dilosk Limited as a Retail Credit Firm. Dilosk Limited, trading as Dilosk, is now regulated by the Central Bank of Ireland.
“This news from the Central Bank of Ireland allows us to achieve another milestone in our business and will facilitate new mortgage lending in the near future. As a regulated entity, all future customers of Dilosk will be afforded all protections under the various regulatory codes applicable to mortgage lending in Ireland.” said Dilosk’s CEO Fergal McGrath.
Dilosk Enters Into An Agreement To Acquire ICS Mortgage Distribution Platform And Mortgage Pool From Bank Of Ireland For €250 Million
Dublin, Ireland – 26th June 2014
Dilosk, an Irish financial services company, announced today that it has entered into an agreement to acquire the ICS brand, mortgage Distribution Platform and a pool of performing mortgages for EUR 250 million from the Bank of Ireland.
“Traditionally ICS has been one of the leading players in the Irish intermediary mortgage market and this acquisition gives Dilosk a solid platform to build on a recognised and long established name,” said Dilosk’s CEO and co-founder Fergal McGrath. “ICS has been helping people buy homes for the last 150 years in Ireland and today’s announcement helps to cement our presence as a new and alternative residential mortgage lender in the Irish market.”
The ICS mortgage Distribution Platform, which was previously part of the ICS Building Society provides mortgages through independent brokers in Ireland.
“We plan to grow our business by offering new residential mortgage loans and we aim to ensure that the ICS mortgage brand under Dilosk ownership will remain a leading and trusted mortgage brand in the mortgage market.” added Mr McGrath.
This sale is part of Bank of Ireland’s EU restructuring plan and was mandated by the European Commission to ensure increased competition within the Irish mortgage market.
Dilosk, headquartered in Merrion Square, Dublin, has applied for authorisation from the Central Bank of Ireland to act as a Retail Credit Firm. Dilosk intends to comply with all the relevant regulatory codes applicable to mortgage lending in Ireland including the Code on Conduct on Mortgage Arrears.
The acquisition is expected to be completed in early September 2014 and is subject to further regulatory and EU approvals which are standard for a transaction of this nature.