# You are far more likely to get  a Mortgage to Rent deal if you are with a vulture fund



## Brendan Burgess (9 Aug 2018)

I understand that ptsb has excluded a cohort of borrowers from the sale to Start whom they have identified as suitable for Mortgage to Rent.

This makes commercial sense for ptsb. Why would they sell a loan at a discount to Start if they can sell it at a much smaller discount to a Housing Agency or to a Local Authority?

David Hall has complained that ptsb has sold some Mortgage to Rent customers to Start. "Some properties which were put forward for the mortgage-to-rent scheme were included in the loan sale, he claimed."

And indeed some posters on Askaboutmoney were scared that their loans were being sold and they would not get Mortgage to Rent.


One of the points made in the media was "The vultures just want to repossess your house. They don't care about anything else."

But this struck me as  very odd.   A "vulture fund" should love Mortgage to Rent. They don't have to repossess the house. They can sell it quickly to a Housing Agency or Local Authority and collect their money.

So I checked it out and my theory is correct!  Start, a much smaller lender, has actually completed three times as many Mortgage to Rents as ptsb.

Lender Status Report June 2018 from the Housing Agency: (Attached as an Excel Spreadsheet) 



So I extracted this information from the Central Bank Quarterly Arrears Report at 31 March 2018


The "vulture funds" have only 27% of the arrears over 2 years, but they have completed 60% of the Mortgage to Rents to date.

Brendan


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## Bronte (9 Aug 2018)

So David Hall is incorrect?


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## Brendan Burgess (9 Aug 2018)

Bronte said:


> So David Hall is incorrect?



That seems unlikely. I suspect that the Housing Agency is lying just to make the Vulture Funds look good.


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