ICS Mortgages

What ICS Mortgages does

Dilosk DAC, trading as ICS Mortgages, is an Irish non-bank residential mortgage lender founded in 2013 and headquartered in Dublin. The company acquired the ICS Mortgages brand, distribution platform, and an initial ~€223 million mortgage portfolio from Bank of Ireland in September 2014 for €250 million, and has since grown to manage approximately €1.9 billion in residential mortgages across two core product lines: Buy-to-Let Mortgages for individual and corporate property investors, and Owner-Occupier Mortgages for primary residence buyers, with specialized add-ons including a Public Sector Employee mortgage, a 10-year interest-only BTL product, a 35-year Flexi-Mortgage, a Pension Unit Trust BTL product, and Bridging Loans. ICS Mortgages differentiates through a #1-ranked broker distribution network in Ireland, product innovation in the BTL segment where it holds approximately 30% market share, and the 160+ year heritage of the ICS brand originally established in 1864 as the Irish Civil Service Building Society.

The business model is asset-spread mortgage lending: revenue is generated primarily through net interest income on the held mortgage portfolio, supplemented by arrangement/origination fees on new loans. Lending is funded almost entirely through capital markets rather than deposits, with Dilosk having executed more than 10 public Residential Mortgage-Backed Securities (RMBS) transactions totaling over €2.6 billion since 2015, complemented by a €900 million warehouse facility and a €500 million Bank of Ireland RMBS purchase commitment. The proprietary technology stack centers on specialized origination systems for BTL and Owner-Occupier segments plus an ESG-focused IoT sustainability monitoring platform for internal facilities. The company is regulated by the Central Bank of Ireland as a Retail Credit Firm, is GDPR-compliant, and is privately held with founders Fergal and Oran McGrath controlling 50.1%, management and family 16%, and London-based Chenavari Investment Managers and Attestor Capital holding the remaining 34%.

Name

ICS Mortgages

Legal name

Dilosk DAC

Website

https://dilosk.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

ICS Mortgages (Dilosk DAC) is an Irish non-bank residential mortgage lender offering Buy-to-Let and Owner-Occupier mortgages through a broker network, managing approximately €1.9 billion in loans and funded primarily via RMBS securitization.

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

NAICS

Finance and Insurance (52), Investment Banking and Securities Intermediation (52315)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189)

akta.pro primary industry

Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators) (FSALAFAD)

Keywords

• Residential mortgage lending
• Buy-to-let mortgages
• Owner-occupier mortgages
• Non-bank mortgage lender
• Bridging loans

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Interest Income: ICS Mortgages generates primary revenue through interest income on its residential mortgage portfolio. The company originates and holds mortgages for both Buy-to-Let and Owner-Occupier customers, earning interest on these loans over their terms.
2. Mortgage Origination Fees: The company earns arrangement fees on new mortgage originations. Recent data shows arrangement fees for bridging loans at 1% (reduced from 2%). Standard mortgage products also generate origination-related fees.
3. Securitization/Sale of Mortgage Assets: Dilosk raises capital by issuing Residential Mortgage-Backed Securities (RMBS) in public bond markets. The company has completed multiple securitizations (RMBS No. 1 through No. 10) totaling over €2.6 billion raised. This is the primary funding mechanism for the non-bank lender.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

ICS Mortgages (a trading brand of Dilosk DAC) is an Irish non-bank residential mortgage lender providing Buy-to-Let mortgages for property investors and Owner-Occupier mortgages for primary residence buyers (including First-Time Buyers, switchers, and Public Sector employees), complemented by specialist products such as a 35-year Flexi-Mortgage, Pension (Unit Trust) BTL mortgage, and Bridging Loans. The business originates and holds mortgages on its balance sheet and funds lending primarily by issuing Residential Mortgage-Backed Securities (RMBS) in European capital markets. Distribution combines a nationwide independent mortgage broker network with direct phone and digital channels.

Product overview

ICS Mortgages operates as a specialist mortgage lending platform under Dilosk DAC, offering two core products: Buy-to-Let Mortgages for residential property investors and Owner-Occupier Mortgages for primary residence buyers. The product suite includes specialized add-on modules such as the Public Sector Employee Mortgage, Bridging Loans, 10-Year Interest Only BTL Mortgage, 35-Year Flexi-Mortgage, and Pension (Unit Trust) Mortgage. The company funds its lending through a series of Residential Mortgage-Backed Securities (RMBS No. 1 through No. 10) issued via Dilosk RMBS DAC entities and listed on the Irish Stock Exchange. The ICS Mortgages brand, established in 1864, serves customers through direct channels and a nationwide network of mortgage brokers.

Differentiator

Problem solved

Functional benefit

Products and services

• Buy-to-Let Mortgages Specialist residential Buy-to-Let mortgage solutions for individual investors and companies in Ireland, offering up to 15-year interest-only terms and up to 35-year capital-and-interest options for property acquisition, refinancing, or portfolio expansion. Rates from 4.49%; loans up to 70% LTV, minimum €40,000 to maximum €1.25m.
• Owner-Occupier Mortgages Fixed and variable rate residential mortgages for primary residence buyers in Ireland, including First-Time Buyers, subsequent buyers, and switchers moving from another lender. Rates currently starting at 3.85%, with 3-year fixed rates from 1.95% and 5-year fixed from 2.60% (LTV-dependent), plus variable rates from 2.45% (LTV ≤60%).
• Flexi-Mortgage (35-Year Buy-to-Let) First 35-year Flexi-Mortgage for Buy-to-Let property investors, allowing repayment split between an Interest-Only period (1–10 years) followed by Capital and Interest over the remaining term. Rates from 4.75%; LTV up to 70%; loan €40,000–€1.25m; loan must be repaid by age 75.
• Pension (Unit Trust) Buy-to-Let Mortgage Buy-to-Let mortgage structured for individuals acquiring rental property through a pension Unit Trust, offering Non-Recourse lending up to 50% LTV. Min loan €40,000 up to €500,000; terms 5–15 years; rates from 5.45%. Available only through approved Trustees and Mortgage/Pension Brokers.
• Bridging Loans Short-term housing bridging loans offered by ICS Mortgages with adjustable interest rates and arrangement fees. As of October 2025, headline rates were reduced from 12% to 10%, arrangement fees reduced from 2% to 1%, and exit fees eliminated.
• Public Sector Employee Mortgage Tailored owner-occupier mortgage product for Irish Public Sector employees (civil servants and government workers), offering competitive rates and features that recognize public-sector employment stability. Won Best Mortgage Provider for Public Sector Employees for six consecutive years (2020–2025).
• Dilosk RMBS (Residential Mortgage-Backed Securities) Series of public bond securitisations (RMBS No.1 DAC through No.10 DAC) issued by Dilosk RMBS entities, offering institutional investors rated notes (AAA to BBB) backed by Irish residential mortgages originated by ICS Mortgages / Dilosk. Bonds listed on the Irish Stock Exchange.

Quantifiable outcome

• 143% year-on-year growth in mortgage lending in 2021, reaching €530 million in drawdowns
• +5 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered major.

• DBRS MorningstarmajorTechnology or IntegrationDBRS Morningstar provides credit ratings for Dilosk's RMBS transactions. Has confirmed and upgraded ratings on multiple Dilosk bond issuances (RMBS No.1 through No.7), confirming AAA ratings on senior tranches.
• Standard & Poor's (S&P)majorTechnology or IntegrationS&P provides credit ratings for Dilosk's RMBS transactions, rating bonds from AAA to BBB across multiple issuances.
• Moody'smajorTechnology or IntegrationMoody's provides credit ratings for Dilosk's RMBS No.2 DAC transaction alongside DBRS.
• Pepper Finance Corporation (Ireland) DACmajorStrategic or Co-development PartnerPepper holds legal title to certain acquired loan portfolios, acts as servicer and administrator for acquired mortgages (including Leeds Building Society portfolio). Regulated by Central Bank of Ireland.

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Regional players

• Foundation Home Loans: UK specialist mortgage lender focused on BTL, complex income, and later-life lending. Highly comparable product mix to ICS Mortgages but operates in a different geography (UK) and so does not directly compete in Ireland.
• Paragon Bank: UK specialist bank with significant buy-to-let mortgage origination. Comparable specialist-mortgage business model but primarily UK-focused, making it a regional rather than direct competitor to ICS Mortgages.
• Together Money: UK specialist lender offering residential, BTL, and bridging finance with a securitisation-led funding model. Similar specialist lender profile to ICS Mortgages, but UK-focused rather than competing in Ireland.

Direct peers

• Avant Money: Irish non-bank mortgage and personal-loan provider, regulated by the Central Bank of Ireland. Directly competes with ICS Mortgages in Irish owner-occupier and BTL markets using a similar capital-markets-funded origination model.
• Finance Ireland: Major Irish non-bank lender offering residential mortgages, BTL, and asset finance. Receives funding under the same CCPC-mandated Bank of Ireland €1B non-bank RMBS program as Dilosk, making it a near-direct competitor on product and funding profile.
• Pepper Money (Ireland): Irish non-bank lender (Pepper Finance Corporation Ireland DAC, mentioned in the Dilosk data as servicing partner). Offers specialist residential and BTL mortgages, comparable origination scale and customer segments to ICS Mortgages.

Broad incumbents

• Bank of Ireland: One of the Irish pillar banks and the original owner of the ICS brand until the 2014 sale to Dilosk. Now a major RMBS investor for Dilosk and a competitor in the residential mortgage market via its branch and broker network.
• Permanent TSB: Irish challenger bank with a focused mortgage franchise serving owner-occupier and BTL borrowers. A traditional depository competitor whose presence in the Irish mortgage market ICS Mortgages competes against, particularly via the broker channel.
• AIB (Allied Irish Banks): Largest Irish pillar bank by mortgage book and the dominant incumbent competitor. Sets the price benchmark that non-bank lenders like ICS Mortgages position against in owner-occupier and BTL markets.

Emerging players

• Molo Finance: UK digital-only specialist BTL mortgage lender. Operates in an adjacent geography with a comparable BTL-specialist proposition and digital-first operating model that parallels ICS Mortgages' BTL franchise.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/ICS_Mortgages

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICS Mortgages