Start Mortgages buys ptsb loans

@Brendan Burgess : the confusion for myself and many others is what exactly is performing and non performing. I assumed that my Home mortgage was safe as it has never been in arrears, I was hoping that an agreed restructure where full payments had been made since it was put in place was also classed as performing on BTLs but negative equity brought doubts. My home mortgage has never been non performing, it is not tied in anyway to the BTL investment mortgages, I wonder how many other People recieved letters this morning saying their home mortgages are being sold even though they have no arrears and no missed payments.
 
Jim Stafford thank you for your reply. Yes this is our family home, so assume tracker is safe. I will do some research as to the PIA. Not sure if I would be suitable for it however. We had been in a position with a lot of unsecured debt. All has now been paid off and the only lending we have now is the mortgage. Before it was difficult. Now we can meet the full repayment. I'm hoping this stands to us when we need to deal with Start.
Is it something whereby even if it is affordable for full payment they will demand arrears? The arrears are 13k so I I know that this amount is by no means little but also probably not the worst.
We do not have a lavish lifestyle. No holidays, 11 year old car. We have worked to try and pay something even when we had nothing. We are happy to even pay approximately €100 extra on top of our monthly payment. I am strongly hoping we can come to an arrangement with Start so we have a positive outcome
 
Maz2408 said:
My home mortgage has never been non performing, it is not tied in anyway to the BTL investment mortgages,
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Hi Maz

They are tied in that they share a common borrower.

Your story shows why they both had to be sold. You prioritised one loan over the other. So you could have continued prioritising your family home with ptsb while defaulting on your loan with Start. As Start have both your loans, they can now look at the full picture with you.

Brendan
 
When we both ended up unemployed we ended up falling behind in our unsecured debt as well as our mortgage. We made payment plans and arrangements on all our debt at the time. It worked out that loans we should have payed off years ago were only cleared in the past few months. Credit card had the highest rate and so we threw as much money at that as we could and closed the account. Put that money toward mortgage. First loan paid back, put that money toward what we were paying back on mortgage. Second loan same. So on. We always talked to PTSB about our situation. Always engaged. There was always an end sight with the loans. I wish now we had said no to paying them. I had been living the dream that we would be much better off just paying a mortgage. No loans. Out of the hole we were in.
 
Brendan Burgess said:
You prioritised one loan over the other
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I didn't prioritise my home loan, PTSB did, at all stages of lengthy negotiation when I could no longer make full payments on all morgages, PTSB encouraged and often insisted that I continue to make full payments on home mortgage whilst they looked at restructuring Buy to Lets. I put forward many options for extending term of Home mortgage thus reducing home mortgage payments to allow making full payments on at least 1 of the Buy to Lets. I know it's all irrelivant now, hindsight, I should have abandoned buy to lets years ago, but as usual People who tried to do the right thing get shafted.
 
Theonlywayisup said:
I will do some research as to the PIA. Not sure if I would be suitable for it however.
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Start Mortgages will be very assertive early on. They will insist that you pay off the arrears etc. if Start is your only creditor, then hopefully they will deal with you so that you are not obliged to go down a costly PIA route. However, a PIA would be your fall back position.

Jim Stafford
 
Thanks for advice. Can I ask. If I sign the 6month agreement with PTSB and Start do not have to honour putting us on permanent restructure at the end of it would I be better to not sign it. Pay the extra money €100aprox per month off the mortgage and deal directly with Start for restructure. Would it mean any extra would be paid off arrears balance where as PTSB agreement would be just paying what they are billing for?
To be honest I am a fish out of water with all of this. I think I should speak to a financial advisor. Could anyone advise how much this would cost
 
Hi All
One aspect of this that is not yet addressed is that all split arrangements have a review date when the entire arrangement is up for review. I dont expect this to be easy for investors if the value of the property represents an immediate return of profit to the Vulture Fund. A short term return is their mantra despite all that is being said to the opposite at present, for all Vulture funds. While the protections are in place for homeowners not so with Investors. Padraic
 
The dreaded letter just dropped. Is there a reason why they would send this letter in my name and not my partners name also. All other correspondence has been in both our names. Why now only send the letter to me?
 
Theonlywayisup said:
If I sign the 6month agreement with PTSB and Start do not have to honour putting us on permanent restructure at the end of it would I be better to not sign it.
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No. If you get a 6 month agreement, then sign it and stick to it.

If you can demonstrate that your mortgage is sustainable, then it's very likely that Start will give you a sustainable long-term solution.

Brendan
 
Hi Brendan we have no arrears on the split we have never missed a payment on.the split this is a family home our loan including arrears was 225k they split 150k which is what we are making payments on and the balance 75kwas warehoused are we considered non performaning as we had arrears before we got the restructured split
 
Hi
Got letter this morning our mortgage Is being transferred to Start Mortgages. The mortgage is a family home. We are 4 months into an 18 month agreement with PTSB were we are overpaying by 496 every month to clear arrears.
Am I right in saying that Start will continue with this agreement and once the arrears are cleared we will revert back to normal payments and our home will be safe?
Stressed out here and cannot face ringing either PTSB or Start today to query this do am hoping someone has an idea.
We have a tracker - not a very good one but would like to hold onto it!
Thanks.
 
If your mortgage has not been in arrears since you got the split and if it's your family home and if you don't have an investment property, then it should not have been included.

But if you had a split and went into arrears and then they restructured it again, they probably have sold it.

Start a new thread and provide all this information and you may get some ideas:

Information required for mortgage arrears and negative equity questions
Brendan
 
3blondes said:
Am I right in saying that Start will continue with this agreement and once the arrears are cleared we will revert back to normal payments and our home will be safe?
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If you have an 18 month agreement, Start will honour it.
If you have no arrears at the end of the 18 months, there will be no issue.
You will keep your tracker as it's contractual.

But I suggested to you over 6 months ago to provide all the information and you didn't bother.

https://www.askaboutmoney.com/threads/arrears-and-repossession-letter.206147/

Brendan
 
Thanks for coming back to me. I didn't come back as have been finding it all very stressful and hard to face, not the best approach I know. Am hoping now we are finally getting back on track so that is great news that it will be honoured. Thanks again.
 
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