Pepper - is it possible to find out who owns my mortgage

C

Calmsea

Registered User
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My mortgage was with Bank of Scotland Ireland. When Bank of Scotland Ireland closed my mortgage was transferred to Scotland. It was then sold and transferred to Pepper in 2018 or 2019. I asked Pepper who now owns my mortgage and they won't tell me other than they service it. There was a suggestion that Pepper actually own the mortgages that were sold by Bank of Scotland at that time but I can't verify this. Is there any legislation that would allow me to find out who now owns my mortgage such as freedom of information? In the UK I believe the mortgage service company has an obligation to tell you who owns your mortgage if you request this information.
 
I have no idea.

But loan sales of residential mortgages are usually reported in the media.

Try Google.
 
Phillo said:
But sure that would be like selling a car without the log book!!!
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It is not like that at all.

Before the sale, the borrower owed X and was paying Y.

Now they owe X and are paying Y.

Nothing has changed.

The lender can charge what they like and the borrower should put their energies into writing to TDs and the Government about this lack of protection.

They won't be any better protected if they discover the name of the owner.

Brendan
 
Well let’s just say ! The borrower pays to Pepper in full and then down the road the true owner produces the deed of conveyance and is looking for payment! Then what???
 
Phillo said:
The borrower pays to Pepper in full and then down the road the true owner produces the deed of conveyance and is looking for payment! Then what???
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It won't happen.

Pepper is a regulated financial entity.

It's as likely as you paying off your mortgage and Bank of Scotland telling you that they hadn't in fact sold it.

Brendan
 
P
Brendan Burgess said:
Not sure. But what difference does it make to you?

If they tell you that it's owned by Caspian Sea the Fifth Fund, you will be no better informed.

Brendan
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It seems to me a whole lot of “behind doors” crockery!! If someone owes a lot of money to an institution! Surely to his they have the right to know who they are????
 
Brendan Burgess said:
The legal owner is Pepper. That is all ye know on earth and all ye need to know.

Brendan
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Pepper services my mortgage and they won't tell me who owns it. I don't know who the legal owner is. I took out a mortgage with Bank of Scotland. I would not have taken out a mortgage with an unknown vulture fund or with Pepper. Transparency may help make vulture funds and Pepper behave a little better and that would be very welcome to a lot of people.
 
Why does it matter - you are where you are, and it won't be changed because you don't like it (unless you refinance) ?
 
Brendan Burgess said:
Hi Calmsea

I have campaigned for the rates charged by vultures to be reduced or controlled.

That would be a much better use of your energies and anger.

Brendan
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I appreciate you doing that Brendan. I will write to the minister and my local TDs about the huge interest rates I’m being charged. If everyone with a mortgage that’s been bought by a vulture fund did the same then maybe the government might take some notice and do something.
 
Phillo said:
P

It seems to me a whole lot of “behind doors” crockery!! If someone owes a lot of money to an institution! Surely to his they have the right to know who they are????
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If Pepper are acting as agents to manage the loan, then its immaterial who owns the loan as you know who you are dealing with unless there is an issue. The issue for many people is that terms are not the same as the original lenders and because they are non bank institutions its impossible to find out what their policies are. The original lenders should be obliged to inform the borrower if they sell the loan, and if turn the new lender ought to inform the borrower if they are appointing a third party management company such as Pepper to manage it. Its not really any skin off the original or new lenders teeth to fully inform borrowers if that happens.
 
That’s just it! There generally is issues with them! Interest rates being just one! Lies! And the transferring from one entity to another! (make you wonder what’s going on???) And the customer at the end of the day not having a say !!
 
Brendan Burgess said:
Hi Calmsea

I have campaigned for the rates charged by vultures to be reduced or controlled.

That would be a much better use of your energies and anger.

Brendan
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Exactly,Vulture service companies are not respecting your ( as Central Bank says) end to end consumer protection, if Pepper etc is not competing with interest rates the market is not competitive.
Consumer law says when your mortgage transfers from PTSB or Bosi you should not be in worse position.
Make a complaint to Vultures servicers and after 40 days no satisfaction complain to FSPO.
 
Your mortgage is a transferable financial instrument. Banks will often securitise portfolio of mortgages and sell them to an investor. It's the way banks get money back now rather than wait decades to be paid back. This allows them to loan out more funds again. It's the way all banks operate.
 
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