Permanent TSB BTL mtge transferring to Pepper

The darkyfinn said:

i was lucky enough that I had only a couple of yrs left on the mortgages, with some savings and a personnel loan I could get away from Pepper. Its crazy to think in this day and age that they can just put up rates every other week just for pure greed purposes. PTSB were no angels here either I requested several times from them why my loans were selected and basically got a school boy response when I said my loans did not fit into any of the transfer categories they had listed on there webiste related to this transfer. When i eventually gave in I asked that mine be left to last on the list to transfer just to give me a little time to organize and clear. They agreed to do this (over the phone) but alas that did not happen - I complained and got a one liner letter not relevant to the complaint. Sometime later before I went to BOI I asked PTSB would they refinance one of them just to get away from Pepper just to see what they'd say. So what I got was we cannot take back one we sold but they would accept an new application from me for a new property !! what in the name of God is the logic here...

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You probably should put queries/requests such as these to a lender in writing in order to keep a clear paper trail and, if necessary, to facilitate complaints or FSPO applications.

Brendan Burgess said:

So people with fully performing buy to let loans were sold by ptsb to Pepper.

And Pepper has increased the rates to 8.75%

If these are fully performing loans, these customers should switch lenders.

I presume that the mainstream lenders welcome switchers?

Brendan

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Not too sure mainstream lenders really welcome switchers.

Also had a similar letter. My loan was an interest only mortgage. I had some missed payments some years ago, but got these cleared, caught up and back on track with no arrears. This was a BTL but I had since moved back into the property. Balance is 80k and my home is valued about €700k.

The term was recently up on the loan and was informed I needed to repay the lump some amount. I had previously requested with the bank to extend the term and for me to continue to to pay interest only, as it is now my family home. But, I was told cant be done as I am 71 and I will have to trade down.

However interest rates have gone up so much now (currently 6.5%), seems like ever month it goes up and didn't want to sell my home. I have reliable steady income at a decent level, with a strong pension but was told by all banks I didn't meet bank requirements to switch. I checked with a few mortgage brokers but they said my past missed payments ruled me out and was I too old for the banks.

I ended up changing to the Spry Finance after meeting a friend who used them. They allowed me to switch and let me pay interest only for first year and then my plan is pay down mortgage with them over 10 years with a fixed rate of 6.25%. Need more lenders and government offering a wider range of options for those other than first time buyers!!