I took out my mortgage with a Bank ( NIB ) in 2007 and have ended up with a Vulture Fund ( Pepper.)
I have a performing mortgage and a favorable LTV of 70-75% yet Pepper have no facility or interest in reducing my rate from a scandalous 4.75%.
Pepper's standard response when asked about the possibility of reducing my rate is simply 'You'll need to fill out a MARP' form...
It is important to consider that for many people switching isn't an option as current financial situations may have completely changed since the mortgage was first taken out.
Its perfectly normal to buy the house then have kids which means that childcare now has to be factored into means testing and a possible reduction in one partners earnings to care for children to offset the childcare cost further. This is in addition to very tight CB rules on borrowing
Pepper and all other Vulture funds are somehow escaping the hard work being done by the Central Bank to improve the conditions of our dysfunctional market and to protect the consumer.
TRS support finishes next month also for many thousands of people who purchased during the boom. Our mortgages have become steadily more expensive since NIB & Danske sold out and we lost the opportunity to leverage our LTV. This is the type of scenario that adds to the dysfunctional scenario in our country, increases the chance of default and sucks disposal income from our country and gives to these Vulture Funds
The Central Bank and Government needs to get tough now and protect consumers like myself and many others.
I have a performing mortgage and a favorable LTV of 70-75% yet Pepper have no facility or interest in reducing my rate from a scandalous 4.75%.
Pepper's standard response when asked about the possibility of reducing my rate is simply 'You'll need to fill out a MARP' form...
It is important to consider that for many people switching isn't an option as current financial situations may have completely changed since the mortgage was first taken out.
Its perfectly normal to buy the house then have kids which means that childcare now has to be factored into means testing and a possible reduction in one partners earnings to care for children to offset the childcare cost further. This is in addition to very tight CB rules on borrowing
Pepper and all other Vulture funds are somehow escaping the hard work being done by the Central Bank to improve the conditions of our dysfunctional market and to protect the consumer.
TRS support finishes next month also for many thousands of people who purchased during the boom. Our mortgages have become steadily more expensive since NIB & Danske sold out and we lost the opportunity to leverage our LTV. This is the type of scenario that adds to the dysfunctional scenario in our country, increases the chance of default and sucks disposal income from our country and gives to these Vulture Funds
The Central Bank and Government needs to get tough now and protect consumers like myself and many others.