Seniors Money Mortgages (Ireland) has bought a portfolio of equity release loans with a value of €90m.

The loans consist mostly of lifetime loans, with a small number of home reversions.

A spokesperson declined to comment on where the loan book had been bought from, or how much had been paid for it.

The loans are all Irish, with 70% in the Dublin area and the rest spread across other Irish urban areas.

A lifetime loan allows the over-60s to release equity in their home, without having to sell it or move out, by borrowing a lump sum secured on the property.

Seniors Money, which operates as Spry Finance, is the only Irish lender and servicer of lifetime loans and is regulated by the Central Bank.

John Moriarty, Director of Seniors Money, said the group was delighted with the acquisition of this loan book, which provides additional scale to the company.

"We will continue to manage these loans to maturity and repayment and have been in touch with homeowners whose loans form part of this deal to reassure them that the terms and conditions of their loans will not change - they will continue to be honoured in full by Seniors Money," he added.