Has anyone paid off or switched a mortgage from Pepper?

Brendan Burgess

Brendan Burgess

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Two posters have reported very high charges for redeeming Pepper mortgages.

Has anyone else redeemed a mortgage and not been charged a high fee?

Brendan
 
I redeemed our mortgage with Pepper (originally an NIB tracker) in January this year and there was no fee charged. We got the title deeds returned at the end of April.
 
I redeemed an NIB/Danske tracker, before the end-of-term, in late 2018.

No fee ever mentioned.

Very slow at passing "deeds" to sol to sell house, 16 weeks I recall.
 
Brendan Burgess said:
Two posters have reported very high charges for redeeming Pepper mortgages.

Has anyone else redeemed a mortgage and not been charged a high fee?

Brendan
Click to expand...
Yes we are in the process and they have hit us with massive interest, any help would be appreciated.
 
We had a moratorium as selling the house agreed with PTSB prior to take over with Pepper, we have discharged the mortgage in full as agreed with Pepper but they have added on in excess of 10k interest to cover the period it took to sell the house. We had no communication from them on this and no statements.
 
Banks charge interest on loans. That is their business unless you had some other arrangement with them. It would be unusual for a lender to waive interest, so you would have had to have a very clear agreement on this.

A moratorium is on payments but the interest continues to be charged.

So it gets down to what you agreed with ptsb. If you have a clear agreement in writing that they would stop charging interest, then you can show that to Pepper. It might not have been transferred to Pepper.

If you had an understanding or non-written agreement with ptsb, then you will have to get ptsb to confirm this, which will be difficult.

Your solicitor would have had to discharge the mortgage. If Pepper sent her a final figure of €200k and she discharged it and now they are looking for another €12k, then you have an argument to make.

When did you stop paying your mortgage? How many months or years did you go without getting a statement? I think it's a requirement of the lender to keep you informed. If they did not do so, again, you have grounds for complaint.


Brendan
 
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Brendan Burgess said:
Banks charge interest on loans. That is their business unless you had some other arrangement with them. It would be unusual for a lender to waive interest, so you would have had to have a very clear agreement on this.

A moratorium is on payments but the interest continues to be charged.

So it gets down to what you agreed with ptsb. If you have a clear agreement in writing that they would stop charging interest, then you can show that to Pepper. It might not have been transferred to Pepper.

If you had an understanding or non-written agreement with ptsb, then you will have to get ptsb to confirm this, which will be difficult.

Your solicitor would have had to discharge the mortgage. If Pepper sent her a final figure of €200k and she discharged it and now they are looking for another €12k, then you have an argument to make.

When did you stop paying your mortgage? How many months or years did you go without getting a statement? I think it's a requirement of the lender to keep you informed. If they did not do so, again, you have grounds for complaint.


Brendan
Click to expand...
8 March 2019 stopped paying as offered moratorium stating monthly repayments 0.00 , Put house up for sale March 19, 29/5 Pepper took over and sent us intro letter etc. Spoke to Pepper May 19 informed we were selling and agreed balance and continued selling. Never any word of interest, no statements from them, we have paid the figure to date agreed with them at that time and are in talks on the balance.
 
Cazzamazza said:
8 March 2019 stopped paying as offered moratorium stating monthly repayments 0.00
Click to expand...

Is this in writing?

What does it actually say?

You seem to have formed a view that no interest would be charged. How did you form the view? Did you just imagine it? Did you just assume it? Did someone in ptsb say something to you that led you to believe that?

Did you sell the house as part of an agreement over legal proceedings or arrears? Were you in negative equity at the time?

If the following is correct, you could make this argument, but that is all it is - an argument. I doubt Pepper would agree but the Ombudsman might.

1) In March 2019, I agreed to sell the property (under pressure from ptsb).
2) They agreed a moratorium which I took to mean that no interest would be charged during the sale process.
3) Since March 2019, neither ptsb nor Pepper sent me a statement.
4)I didn't see the need for one myself as the balance was not changing as no interest was being charged and no payments were being made.
5) My solicitor requested a final figure and that matched the balance as of March 2019 and she discharged the mortgage accordingly.
6) Now Pepper is charging me interest since March 2019

This is unfair
1) ptsb never explained that interest would continue to be charged
2) Neither ptsb nor Pepper ever sent me a statement showing the interest being charged.
3) They gave my solicitor a final figure.

Try it and see how you get on.

A fair compromise might be half the interest.

Brendan
 
Brendan Burgess said:
Is this in writing?

What does it actually say?

You seem to have formed a view that no interest would be charged. How did you form the view? Did you just imagine it? Did you just assume it? Did someone in ptsb say something to you that led you to believe that?

Did you sell the house as part of an agreement over legal proceedings or arrears? Were you in negative equity at the time?

If the following is correct, you could make this argument, but that is all it is - an argument. I doubt Pepper would agree but the Ombudsman might.

1) In March 2019, I agreed to sell the property (under pressure from ptsb).
2) They agreed a moratorium which I took to mean that no interest would be charged during the sale process.
3) Since March 2019, neither ptsb nor Pepper sent me a statement.
4)I didn't see the need for one myself as the balance was not changing as no interest was being charged and no payments were being made.
5) My solicitor requested a final figure and that matched the balance as of March 2019 and she discharged the mortgage accordingly.
6) Now Pepper is charging me interest since March 2019

This is unfair
1) ptsb never explained that interest would continue to be charged
2) Neither ptsb nor Pepper ever sent me a statement showing the interest being charged.
3) They gave my solicitor a final figure.

Try it and see how you get on.

A fair compromise might be half the interest.

Brendan
Click to expand...
I would have noticed if someone was sending me statements indicating that in excess of 10k interest had accrued on this mortgage and done something about it. We had no indication of this whatsoever and Pepper never informed us that this interest accrued or was doing so..Can I clarify who i address this to, we just want to get this sorted and move on.. thanks for the information.
 
You must complain to Pepper first and they will send you a final response letter with the details of the Ombudsman.

If you go to the Ombudsman now, they will tell you to go to Pepper first.

Brendan
 
Cazzamazza said:
We had no indication of this whatsoever and Pepper never informed us that this interest accrued or was doing so.
Click to expand...

They wouldn't be expected to inform you. The interest rate applicable didn't change and a moratorium does nothing to stop interest accruing. This was well covered in the media surrounding the introduction of COVID-19 payment breaks earlier this year, the BPFI published a [broken link removed] on how they work in practice.
 
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