Tomandgerry
Registered User
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- 27
Hi all, grateful for any advice on the below please...
I have 2 loans (on same property - family home) which were sold to Start Mortgages by Ptsb, following a possession order issued on the property. Following engagement with Start, I was put on a step up arrangement for 18 months, which expired in May 2022. At that stage the arrears were capitalised and the repayment between both loans was circa €1600 per month and the repossession order was due to be vacated.
Since the rate increases the tracker loan (ECB +2.25%) has increased by €240 per month, and the Variable rate loan has increased by €230 per month, so a total of €470 per month which is not affordable. My total monthly repayment now is €2070, an increase of 30%. I have rang Start multiple times since the rates started increasing last year. Before I signed the ARA, I asked about the variable rate and whether it could increase (was 3%), I was told it was always 3%. I was told subsequently that they did not offer fixed rates. They also delayed vacating the possession order as I had indicated by my phone calls that I was struggling with the repayment amount.
I made a formal complaint in November 2022 about the rates and that the vacation order had not been vacated as per the agreement. They issued a final response to say they were not offering fixed rates. I then made a complaint to the FSPO and informed Start of same. Their solicitors wrote to me to say the vacation order was being progressed and that it is expected to be completed this month (I rang them to verify).
Have I any options here? There are no arrears on either of the loans but I am really struggling with the increased repayments. I have not heard anything yet from the FSPO, the €1600 was affordable and I felt I was working my way back, I just feel so crushed now and I'm back not sleeping at night now with the worry.
I have no other debts, and obviously would the ideal solution would be to switch but given my credit history imagine this is not possible and my LTV is approximately 90%? Also it would mean switching at a far higher rate than the 3%. I have heard mention of Local Authorities taking on these mortgages, would that be at all possible? I hope I have given all relevant information. Thanks for your attention.
I have 2 loans (on same property - family home) which were sold to Start Mortgages by Ptsb, following a possession order issued on the property. Following engagement with Start, I was put on a step up arrangement for 18 months, which expired in May 2022. At that stage the arrears were capitalised and the repayment between both loans was circa €1600 per month and the repossession order was due to be vacated.
Since the rate increases the tracker loan (ECB +2.25%) has increased by €240 per month, and the Variable rate loan has increased by €230 per month, so a total of €470 per month which is not affordable. My total monthly repayment now is €2070, an increase of 30%. I have rang Start multiple times since the rates started increasing last year. Before I signed the ARA, I asked about the variable rate and whether it could increase (was 3%), I was told it was always 3%. I was told subsequently that they did not offer fixed rates. They also delayed vacating the possession order as I had indicated by my phone calls that I was struggling with the repayment amount.
I made a formal complaint in November 2022 about the rates and that the vacation order had not been vacated as per the agreement. They issued a final response to say they were not offering fixed rates. I then made a complaint to the FSPO and informed Start of same. Their solicitors wrote to me to say the vacation order was being progressed and that it is expected to be completed this month (I rang them to verify).
Have I any options here? There are no arrears on either of the loans but I am really struggling with the increased repayments. I have not heard anything yet from the FSPO, the €1600 was affordable and I felt I was working my way back, I just feel so crushed now and I'm back not sleeping at night now with the worry.
I have no other debts, and obviously would the ideal solution would be to switch but given my credit history imagine this is not possible and my LTV is approximately 90%? Also it would mean switching at a far higher rate than the 3%. I have heard mention of Local Authorities taking on these mortgages, would that be at all possible? I hope I have given all relevant information. Thanks for your attention.
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