Hi everyone,
First time posting so apologies if I don’t include all information needed.
In summary myself and ex husband drew down a mortgage in 2007 with EBS for €513k. Variable rate. 30 yr Term.
Up to 2011 all was fine but we separated in 2012 and the mortgage went into arrears.
In 2016 I recapitalised with the help of IMHO and the arrears of €78k were added to the Balance. We agreed repayments of €1500 per month with an interest rate of 0.5% for 60 months. Following that the rate would return to variable and payments would increase.
Move to 2022 and my loan is sold to Mars as non performing. The new loan is upto date with no payments missed.
Yesterday I received a statement for 2022 from Mars Capital. Although the statement cover page details my interest rate as 0.5%, I am being charged monthly interest of just over €1,300. Therefore, each month pretty much all of my payment has been attributed to interest, almost €15k in the year.
Unless I am mistaken this means they have switched me to a variable rate. This is correct as the arrangement with EBS was due to expire in March of 2022 however I was never notified of the change. Is this correct? Is there no onus on Mars to inform me of the change? If I had known I would have looked to switch out my mortgage to a better rate elsewhere. Or can Mars switch to a variable rate without notifying me?
Sorry if this is a long winded post and any advice appreciated! Thank you
First time posting so apologies if I don’t include all information needed.
In summary myself and ex husband drew down a mortgage in 2007 with EBS for €513k. Variable rate. 30 yr Term.
Up to 2011 all was fine but we separated in 2012 and the mortgage went into arrears.
In 2016 I recapitalised with the help of IMHO and the arrears of €78k were added to the Balance. We agreed repayments of €1500 per month with an interest rate of 0.5% for 60 months. Following that the rate would return to variable and payments would increase.
Move to 2022 and my loan is sold to Mars as non performing. The new loan is upto date with no payments missed.
Yesterday I received a statement for 2022 from Mars Capital. Although the statement cover page details my interest rate as 0.5%, I am being charged monthly interest of just over €1,300. Therefore, each month pretty much all of my payment has been attributed to interest, almost €15k in the year.
Unless I am mistaken this means they have switched me to a variable rate. This is correct as the arrangement with EBS was due to expire in March of 2022 however I was never notified of the change. Is this correct? Is there no onus on Mars to inform me of the change? If I had known I would have looked to switch out my mortgage to a better rate elsewhere. Or can Mars switch to a variable rate without notifying me?
Sorry if this is a long winded post and any advice appreciated! Thank you