A little update to previous posts.
Original offer of Split mortgage was due to be signed on 19th September, I contacted PTSB before that date to let them know we had not yet secured an appointment with an independent financial advisor. PTSB where very understanding and told me they had no problem extending the letter of offer. I continued to inform them of how things where proceeding when I secured an appointment for financial advice, they continued to assure me that was fine.
After seeking advice we decided to accept warehouse split on the Mortgage with the 5.64% rate but I informed PTSB we did not want to accept the separate offer on the Mortgage with the ECB rate of 1.6%, I had asked them several times previously to confirm in writing that the warehouse offer on that mortgage was tracker rate of 1.10% above ecb rate, they had told me several times they could not confirm in writing but they cannot change my tracker rate and I had no need to worry.
PTSB informed me that as original letter of offer was only valid for 28 days, they would send me out the same offer for the Split Mortgage I was willing to accept to sign and return. No offer arrived, I continued to phone on a weekly basis and they continued to assure me the offer was on the system, the reasons the offer wasn't completed within the 28 days was on the system and the paperwork would be sent out immediately.
I continued to make monthly payments at the moratorium rate they had set on the split offer they had made as I was being assured by PTSB the offer was still valid, but every month my arrears where increasing.
During one of the weekly calls I made to PTSB in early February enquiring about the Split Mortgage offer and when would they be sending the documents for us to sign, I was informed we would have to complete a new SFS as that offer was now invalid.
We completed a new SFS in March, income has dropped since we received first Split Mortgage documents last August, rental income has dropped to 920 euro pm, and I have not worked in 4 months through illness.
I downloaded and fully completed PTSBs own SFS and included all bank statements pay receipts etc. I also attached a proposal letter outlining three proposals, 2 of which involved us surrendering both our home Tracker of 80k and our Buy to let Tracker of 160k, both proposals where backed up with repayment spread sheets. If PTSB accepted either proposal it would enable us to repay all debt in full and PTSB would still receive a substantial amount of interest over the term of the Mortgages. The 3rd Proposal was we continue paying home Mortgage, sell Buy to Let's and deal with shortfall through a PIP. At meeting with PTSB, to hand over SFS and proposal letter, the advisor dealing with us insisted he completed a new SFS on his computer, but he would use my SFS for information. This is the 4th time this has now been done, the first 2 they completed they messed up, so I asked him to make sure all the information on his was the same as mine.
A few days later we received new Split Mortgage offers on buy to lets. Both offers include warehousing much smaller amounts than original offers, and both include much higher interest rates on warehoused amounts than we had been offered originally, ie, the Mortgage with 1.10% above ecb rate, is offered at 1.6% on Main account with no mention of ecb or tracker rate, and 3.53% Tracker on the Warehoused amount. The mortgage currently on 5.64% is now offered at 5.64% on main account with a much lower warehoused amount than original Split Mortgage offer at 3.53%, interest rate on previous warehouse offer was 1.5% on both mortgages.
I checked standard financial statement immediately, and realised there was no way we could pay the amounts they where asking for, I phoned PTSB and they insisted offer was based on information on SFS. I also asked why tracker rate had increased by 2% on the warehoused portion of the loan when they had insisted earlier that Tracker mortgage couldn't be changed, and his answer was the bank have to make something out of it.
2 Days later we received a 6 month moratorium offer on our home Mortgages, which are not in arrears, we had skipped a payment once to pay more interest on Buy to let mortgages but PTSB contacted us and told us not go in to arrears on the Mortgage secured on the home. So we cleared the arrears and have been up to date since.
The moratorium reduces home mortgage payments for six months which helps with Interest payments on buy to lets, but in six months time our home mortgage payments will increase from what we are paying currently. Again we have a tracker on one of our 2 home mortgages and moratorium makes no reference to Tracker, just states current interest rate at 1.5%.
When we added all moratorium payments together, there was a deficit between income and expenditure of 200 euro.
Unsecured loans and credit card payments have been restructured from over 500pm to 230pm.
PTSB called today to see if we are accepting moratorium offers as they have to be signed and returned within 7 days, I said we can't afford the payments and he informed me that we can't afford payment because we are paying unsecured creditors over 1000 euro pm, I told him we where only paying restructured payments of 230pm, he put me on hold and I got out SFS that PTSB completed 680 euro's of the unsecured debt he was talking about is the payments we are able to currently make to PTSB for the buy to lets. I explained this to him, and he has told me to appeal the offers made, I told him I had asked if I could appeal them just after I received them and I was told no.
He went on to inform me that I would receive a letter after expiry date of offers demanding full payment of Mortgages and it would include an appeals address, I asked since PTSB have obviously made a mistake on SFS again, could they not amend SFS and make a new offer based on correct information and he said no.
What do I do next, our home has been on market for 5 months, we have not received viewing or offer, Estate agent insists she has not over valued it.