RecoveryMan
Registered User
- Messages
- 15
Hi Brendan/All
Have a cross securitized Mortgage 5 properties unfortunately bumped into Pepper from PTSB 2023 no arrears.
In the process of selling 3 of the 5
After 6 months finally got consent from pepper and property 1 sold.
275k immediately lodged to pepper. However 1 month later they charge the same Monthly repayment as the month previously despite overall mortgage 275k less!!
After a phone call it emerges as this is considered a split mortgage which it wasn't, it was an interest only mortgage with an overpayment, they will not reduce the capital until the mortgage in full is cleared 1.6 million. They intend to hold the 275k in Escrow until the balance is cleared but will allow interest reduction on the 275k towards the overall balance.
This was never agreed pre sale nor any documentation provided that this potentially could be the case.
This however means, I have lost rent on this property due to the sale, but received no reduction in monthly outgoings, this would also mean I cant proceed with any future sale as interest being charge on original principle and not todays balance.
'
Any help much appreciated
Have a cross securitized Mortgage 5 properties unfortunately bumped into Pepper from PTSB 2023 no arrears.
In the process of selling 3 of the 5
After 6 months finally got consent from pepper and property 1 sold.
275k immediately lodged to pepper. However 1 month later they charge the same Monthly repayment as the month previously despite overall mortgage 275k less!!
After a phone call it emerges as this is considered a split mortgage which it wasn't, it was an interest only mortgage with an overpayment, they will not reduce the capital until the mortgage in full is cleared 1.6 million. They intend to hold the 275k in Escrow until the balance is cleared but will allow interest reduction on the 275k towards the overall balance.
This was never agreed pre sale nor any documentation provided that this potentially could be the case.
This however means, I have lost rent on this property due to the sale, but received no reduction in monthly outgoings, this would also mean I cant proceed with any future sale as interest being charge on original principle and not todays balance.
'
Any help much appreciated