Saltandpepper!
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1 - is filling out a SFS deemed the only way for a mortgage provider to do 'periodic review'? I have engaged with Pepper each time they've sent out a SFS via phone and advised them that I am able and happy to make the current agreed payments but that I will only fill out a SFS at max every 3 years as per my original agreement.
What's the precise wording of your agreement with ptsb?Just wondering if they can change warehouse portion etc without agreement once I'm making agreed payments
Found my original agreement with the PTSB and the wording of review section is 'at least every 3 years' so seems Pepper can do it more often if they wish. 12 months is very short and it's annoying to be doing it so often as it's time consuming to do it correctly.What's the precise wording of your agreement with ptsb?
IANAL but to me this looks like an obligation on you to make sure an SFS is provided no less often than every three years. But it doesn't look like a right for the lender to request one sooner.'at least every 3 years'
Thanks Brendan - think I will fill it out this year and then try above for the following 2 years.A very interesting issue.
From memory, I think that the Central Bank requires lenders to review arrangements at least every three years. So that is why it's in the contract.
ptsb and the other banks used to just comply with this by asking if circumstances had changed and the borrower wrote back and said no, and the split was left untouched.
While it's reasonable for Pepper to review it every year, I don't think it's reasonable to impose the very detailed SFS on the borrower every year.
If you have sent them an SFS within the last three years , you should just reply "Thank you for your letter. I confirm that the following changes have taken place since the last SFS. Net salary increased to: . Inflation of 10% a year. So no need to change the current arrangement"
Brendan
We have a 0.8% tracker and 25 years left so going to try and keep the warehouse for now - will review it again once the ECB stops putting up interest rates / inflation calms down to see how things look.You should also read this thread as some people who have split mortgages might be better off getting out of them.
Key Post - If you have a split mortgage which you no longer need...
I posted this thread in relation to borrowers with ptsb split mortgages who might not want their loans sold to a vulture fund. If you have a ptsb split mortgage, which you no longer need... But the same principles apply to borrowers with split mortgages from other lenders. If you have a...www.askaboutmoney.com
Brendan
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