# BOSI transfers mortages to LONESTAR



## michaelg (1 Nov 2014)

Got a letter in the post from BOSI saying that my mortgage is being transferred to loanstar, anyone got any further details ? Wondering how this might affect me . Cheers


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## jimbob (3 Nov 2014)

got letter also don't know whats next step do they do deals or let you sell the property


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## T&R (4 Nov 2014)

We also got a letter. Currently paying full amount no arrears. Little surprised to be honest. 
I know they sold off non performing loans last year.


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## Graftgirl (4 Nov 2014)

As far as I am aware they have also taken on Start Mortgages loan book, I am a customer of theirs and as yet have received no notification of this.
I think they have taken on some of Bank Of Irelands troubled loan book too


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## TRS30 (4 Nov 2014)

T&R said:


> We also got a letter. Currently paying full amount no arrears. Little surprised to be honest.
> I know they sold off non performing loans last year.



This is interesting as I thought they had only sold loans that are either in arrears or have been restructured. 

Be interested to know what % on the € LONESTAR paid for them??


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## Graftgirl (4 Nov 2014)

I am also not in any arrears and loan is up to date, never renegotiated the terms.
As far as I can see Lone Star have just bought the entire loan book..


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## Gerry Canning (4 Nov 2014)

Lonestar are 100% stuck with existing terms and conditions on loans that are being fully paid every month.

Lonestar got Start and any troubled loans at a steep discount. It means customers will be in a position to negotiate, the question will be , why should Lonestar?

Unless Lonestar see profit in discounting amount/term/interest/arrears they will not negotiate.
Unless Lonestar have (poor) title to deeds , they need not negotiate.

However, anecdotally the Title Deeds/Mortgage on many Houses are unenforceable.
So suggest check the strength of Lonestars Title before anything else.
Quite simply they are only in for the Quick $ ,so the less they get the more value stays in Ireland.


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## MrEarl (4 Nov 2014)

Gerry Canning said:


> Lonestar are 100% stuck with existing terms and conditions on loans that are being fully paid every month.
> 
> Lonestar got Start and any troubled loans at a steep discount. It means customers will be in a position to negotiate, the question will be , why should Lonestar? ....




Did Lonestar also acquire the lending licence, when they bought Start Mortgages ?  Obviously, if they did, then there is a chance they may stay in the market.


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## TRS30 (5 Nov 2014)

Gerry Canning said:


> Lonestar are 100% stuck with existing terms and conditions on loans that are being fully paid every month.
> 
> Lonestar got Start and any troubled loans at a steep discount. It means customers will be in a position to negotiate, the question will be , why should Lonestar?
> 
> ...



I would be amazed if they paid fully value for the performing loans. Why would they? As you said they are in for a quick buck so if you knew what they paid for your loan you could make them an offer allowing them a quick easy profit.


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## Harry31 (5 Nov 2014)

How could we find out what they paid? We're not in arrears & did pay €10,000 off an interest only loan we have with them last year, but if I thought they would accept less than the full amount - still 10 years to go - I'd do it.


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## TRS30 (6 Nov 2014)

Harry31 said:


> How could we find out what they paid? We're not in arrears & did pay €10,000 off an interest only loan we have with them last year, but if I thought they would accept less than the full amount - still 10 years to go - I'd do it.



This is what I would like to know as well. 

I did a quick search and nothing significant came up. The Irish Times article said it was a sale of non performing loans which seems to be incorrect.


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## 4oaks (15 Feb 2015)

Feb 20th is the transfer date.  Any idea what Lone Star paid for the BosI's loan book and what they're plans are?


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## cmam (21 Feb 2015)

I am concerned that BOSl Have sold off their mortgages (our mortgages) without so much as a consultation with us. Does anyone know who Lonestar are and how are they to negotiate with. Are they a bank or a vulture capitalist what can we do.


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## cmam (22 Feb 2015)

TRS30 said:


> I would be amazed if they paid fully value for the performing loans. Why would they? As you said they are in for a quick buck so if you knew what they paid for your loan you could make them an offer allowing them a quick easy profit.



How can we find out the strength of lonestars title to deeds?? they are not going to tell us... if we are in arrears doesn't that make their case stronger.


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## Gerry Canning (23 Feb 2015)

Lone Star are stuck with the terms of existing paying customers.These customers have no worries that I can see.

On arrears customers.
No doubt Lone Star got a large discount on the full book of mortgages , good and bad.
It means they probably have (profit) to play around with.

I do not see them doing a blanket Repossession rush, and each case will be weighted to their advantage.

An example.
Mortgage k 200,

House is worth K100.
So today Lonestar  looks at a big paper  loss.

However if customer can afford to repay Lonestar a reduced Mortgage of K150, then everyone wins. 
Means customer stays in home they can afford.
Means Lonestar get interest on K150 .

Even better, if Lonestar bought that Mortgage for k80 then they are well ahead.

In relation to Title Deeds being (good) .
Only look at that if Repossession threatens.

I expect Lone Star to be pragmatic , and expect they will try to work with customers.


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## AMS (24 Feb 2015)

Hi

Just wondering what the situation is though with their rates.  I think Start Mortgages are known to have extremely high mortgage interest rates.  Do they have freedom to apply any rate they like?

Thanks
Sarah


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## Gerry Canning (24 Feb 2015)

AMS said:


> Hi
> 
> Just wondering what the situation is though with their rates.  I think Start Mortgages are known to have extremely high mortgage interest rates.  Do they have freedom to apply any rate they like?
> 
> ...


On rates, they will be stuck with what is on the contract.
I would be fairly sure they won,t try, nor would they get away with just jumping rates.

Start have always had rates circa 2% more than average.
That was the (riskier) market they were in.


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## AMS (24 Feb 2015)

Thanks for the response.  I haven't been able to get hold of my original letter of offer so not sure what the rate is.  If they have bought our mortgage which is on a variable rate then can they apply their own variable rate, as it is now a different entity owning the mortgage? 

We are in negative equity but with no arrears.


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## Gerry Canning (24 Feb 2015)

AMS said:


> Thanks for the response.  I haven't been able to get hold of my original letter of offer so not sure what the rate is.  If they have bought our mortgage which is on a variable rate then can they apply their own variable rate, as it is now a different entity owning the mortgage?
> 
> We are in negative equity but with no arrears.


Possibly could apply their own Variable Rate , but very very unlikely they will differ from the other lenders.


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## Bronte (25 Feb 2015)

What's to stop them applying a higher interest rate?


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## 44brendan (25 Feb 2015)

Bronte said:


> What's to stop them applying a higher interest rate?


fair comment Bronte. SVR is a flexible rate which can be changed in accordance with the pricing strategies of the mortgagee! Lone Star are not competing for market share so it would appear that they have the flexibility to set a SVR at whatever level they feel is appropriate for them. I am not trying to be alarmist and there are no indications that Lone Star are going to take any such action. However, there would appear to be no legal impediment to them doing so!


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