Pepper Group exit fees

B

Beltra

Registered User
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Hello.Would anyone know if Pepper charge exit fees for paying off mortgage early.I understand they don’t allow porting.
 
Irish lenders are not allowed charge fees on paying of variable rate mortgages early.

There might be a break fee if you have a fixed rate

Brendan
 
I had this shower try and charge me a 4 figure sum to redeem a mortgage (in full and not on fixed rate); they were told what they could do with it and it was 'waived'.
 
I repaid a former NIB/Danske tracker, serviced by Pepper.

Be prepared to wait a long time for the deeds, I waited 16 weeks.
 
Its a long story to be honest.

Pepper were dreadful to deal with; even my Solicitor found them difficult.

My point really is to push back.
 
Thirsty said:
Its a long story to be honest.
Click to expand...

Hi Thirsty

Can you summarise it?

While the behaviour of the banks continue to surprise me, I would be shocked if an Irish bank tried to charge an early redemption fee on a variable rate mortgage. It's completely against the law.

I think that some do have a small administration charge relating to the release of the deeds. But it would not be a four figure sum, unless you are including both sides of the decimal point.

It should be a very short story.

Brendan
 
Summary

Pepper were asked to provide a redemption figure, this was a deceased estate.

Their letter said (rounded figures as I'm not going back in the attic to find the file).

Mortgage figure: €150,000
Our fees: €4,300

I told my solicitor I would see them in Hell before I paid them a penny over the actual mortgage redemption.

I gather my Solicitor made a phone call to them.

The mortgage was redeemed and nothing else was paid.
 
Hi Thirsty

Did you report that to the Central Bank?

If nothing has got lost in the summary, then it's a clear break of the law. It seems to me to be an attempt to exploit a deceased estate where solicitors and executors might not be too bothered challenging stuff like this.

The Central Bank would take very strong action on this. And by reporting it, you would make sure that other estates charged in this way, will receive refunds.

Brendan
 
I didn't report it.

Had Pepper tried to push their charge, I likely would have taken it further.

Their behaviour throughout the entire process, including their correspondence with the, then dying (which they were fully aware of), mortgage holder was reprehensible.
 
Sorry Thirsty

Something here does not add up.

1) A bank allegedly blatantly broke the law - I have my doubts that you are telling the full story - but they are just doubts
2) Their behaviour was reprehensible - I believe that bit.
3) Despite the fact that the behaviour was reprehensible, you took no further action?

Brendan
 
Beltra said:
Is it legal that they can prevent me porting the mortgage?
Click to expand...

What do you mean porting? Moving the same mortgage from your existing home to a new home?

You have no right to move a mortgage.
If you want to repay your mortgage you can do so.
If you want to borrow from any other bank , you can do so.

Brendan
 
Brendan Burgess said:
What do you mean porting? Moving the same mortgage from your existing home to a new home?

You have no right to move a mortgage.
If you want to repay your mortgage you can do so.
If you want to borrow from any other bank , you can do so.

Brendan
Click to expand...
Ok I thought a mortgage could be transferred if possible to a new property
 
No. A mortgage is never transferred.

Some banks allow a former borrower to take out a new mortgage on a new property at a rate related to the old tracker. But there is no requirement on them to do so.

Brendan
 
1. I don't think your allegation is in any way reasonable. You asked for a summary and I gave you one.

3. Yes that is the case.

Whilst I appreciate your point that a complaint to the Central Bank at the time may have stopped Pepper from doing this to some one else; for other personal reasons I did not at the time have the strength, either mental or physical, to do so.
 
Hi Thirsty

You are making a very serious allegation that a bank clearly broke the law.

I think that there might be another explanation which, for some reason, you are not giving us.

In my experience, very serious allegations like this often don't stand up.

When they do stand up, it's rarely a once off so I would always ask the person to report it to the Central Bank.

Lots of people pay off their mortgage and don't get charged redemption fees.

Thirsty said:
Their behaviour throughout the entire process, including their correspondence with the, then dying (which they were fully aware of), mortgage holder was reprehensible.
Click to expand...

I am not sure what the entire process was? And why it was a long story? Was she in arrears? Had the bank incurred legal charges in trying to recover the mortgage?

If someone is paying their mortgage on time and in full and then they get sick and die, getting a redemption figure should not be complicated.

There should be no long story. There should be no redemption fee.

If Pepper turns it into a long story and try to charge a fee illegally, they really should be reported.

If on the other hand, the borrower falls into arrears and Pepper incurs legal fees in trying to recover the loan, they are entitled to them.

If on yet another hand, Pepper acted unreasonably and unsympathetically, much less illegally, they should be brought to account.

Brendan
 
Brendan Burgess said:
You are making a very serious allegation that a bank clearly broke the law
Click to expand...
I made a statement of fact, I have the documentary evidence to support it.

Pepper were wrong in their actions.

I've explained why I did not make a formal complaint at the time; I'm not willing to bring myself back into it again to do so now.

Edit to add: my solicitor at the time provided me with a statement of their actions/ responses with Pepper and encouraged me to make a formal complaint. To the point where they also advised that I was welcome to come into the office and review their (my) file if needed.

My point in the first place was to encourage others to push back.
 
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