IL&P acquires ownership of niche mortgage lender

Irish Life & Permanent (IL&P) and Merrill Lynch have concluded a transaction which sees IL&P acquire the 50% stake held by Merrill Lynch in the niche mortgage lender Springboard Mortgages.

The terms of the deal were not disclosed.

Speaking today, Springboard Mortgages CEO Shane O’Sullivan, said that the company will continue to operate as a stand-alone business: “This transaction will have little impact on our day to day operations. However, it will reassure mortgage intermediaries and customers of the significant Irish support and commitment behind our operation.”