Start Mortgages buys ptsb loans

Got mortgage with TSB in 2006. My wife lost her job a few years ago and eventually found part time work but at that stage we were not able to meet the full mortgage payment so instead focussed on throwing as much as we could off arrears and then paid as much as we could off mortgage payment when due. I also had times when I didn't always have regular work which affected mortgage payment. We have since both got into a better situation financially and put in place promise to pay agreements with the bank where I rang them to arrange and we have got our arrears right down. I rang them again on Tues this week and agreed to up my mortgage payment by 203 euro a month (& full payment every month) for 16 payments until it's cleared , I gave my card details to arrange a new direct debit and was happy that all was being worked out with the bank.
At no point was I told that our mortgage would be sold to Start. I gave them over 1000 euro over the phone that day!
I missed payments over the years and struggled to pay full amount but would always pay what we could. Then got letter yesterday saying that our mortgage is being sold to Start mortgages. I found this very sly and underhanded that I was not told that this would happen. I also have the ability to clear all arrears now (€2400). Is there any possible way that it could be stopped from being taken over by Start at this stage?
 
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Jim Stafford said:
The PTSB loan sale comprised of 7,400 owner-occupier mortgages and 3,300 buy to let mortgages. Tracker mortgages may not be taken away on family homes, but may be taken away on buy to lets.

If anyone is concerned about losing their family home, they should really go and see a Personal Insolvency Practitioner. Personal Insolvency Arrangements have now been retied and tested before the High Court. One of the primary purposes of the Personal Insolvency Act 2012 is to keep people in their family homes.

I suspect that many of the loans sold will have been in arrears as at 1 January 2015, which gives the home owner an even greater chance of getting a PIA through the system, as they would be eligible for a "No Veto PIA". (See other posts on "No Veto PIA" on this forum.) There have been great deals arranged with PIA's, with mortgages extended to age 75, interest rates reduced, arrears capitalised, negative equity written off etc.

Jim Stafford
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I think you said you charge around 5k and I’d say with deals like that which you’ve managed to achieve it would be money well spent by posters on here who have been burying their heads in the sand.

But it’s also good to see many posters have come to arrangements and are getting back on track.
 
Maz2408 said:
I'm shocked, just recieved post. PTSB have sold my restructured BTL mortgages which is dissapointing as we've been on restructure for 3 years. The shock is they've also sold my Home mortgage, no arrears, no problems making payments has never been in any trouble in fact home mortgage has a small amount pre-paid. Why would they have done this?
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Odd that you’ve overpaid on your home loan while being in trouble on the BTL.
 
Brendan Burgess said:
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
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It is amazing how many posters are desperate yet will not fill out that link. Then they wonder why the banks sell on the loans. Clearly some do not engage with their banks and that’s why PTSB has finally given up and sold on a load of loans. Obviously to do so they had to make it interesting to Start so it’s packaged up with loans that arrangements are in place for or are back on track, or nearly back on track.
 
PadKiss said:
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
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You mean they will sell if there is equity? Is it easy for them to do so? I presume rising property prices right now is good for Start in these cases.
 
PatrickJ said:
Thanks Brendan for the work / help put into this thread; much appreciated.

Have I missed the boat or is there any chance at this late stage of renegotiating with the lender i.e. to keep the loan in their hands rather than Starts. It's funny as only two weeks ago I spoke with the lender about clearing off the arrears but there was never any mention of the loan being sold.
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Did you pay the 600 yesterday? How much is the rent and how much are the monthly mortgage repayments.
 
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Bronte said:
Odd that you’ve overpaid on your home loan while being in trouble on the BTL.
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The overpayment is approximately €380 which was intended as a telephone payment on buy to let account several years ago before restructure. PTSB arrears support unit put the payment against the wrong account and never transferred it even though I requested them to do so several times before Buy to Lets where restructured. It's been sitting on my Home mortgage account as an overpayment ever since.
 
Starboy said:
I missed payments over the years and struggled to pay full amount but would always pay what we could.
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Hi Starboy

Unfortunately, this is typical of the mortgages they are selling. The administrative time taken up by ptsb on a loan such as this would be huge.

If you clear your arrears, then it won't matter that your loan is sold to Start. The only people who should be worried are those who are deep in arrears and were messing ptsb about. And those who have generous split mortgages.

Brendan
 
Hi Brendan,
Thanks for your reply. What can Start mortgages do to us that TSB couldn't?
We are on a tracker mortgage, but my wife is worried that if the mortgage is being transferred to Start that we might be in a worse off financial situation.
 
It's a bit like having a landlord who is fair and doesn't chase you to hard for the rent. He sells the building to a different landlord who is not very nice. But legally, nothing has changed.

if you have a tracker, you will keep your tracker.
If you make your repayments in full and have no arrears, nothing will change.

Start might be more efficient at dealing with customers in arrears than ptsb. That means either working with them to restructure the mortgage, or in extreme cases, repossessing the property. But it's almost impossible for a lender to repossess a family home from someone who can show the court that they are engaging and paying a meaningful amount.

Brendan
 
Thanks Brendan,
I really appreciate your honest feedback.
Great website by the way, I'm only a newbie
 
Can rent reciever be appointed on Buy to Lets if current agreed payments are being met. I'm past the 3 year review stage on restrurctured buy to lets, no review to date, all agreed payments up to date, but I assume Start will carry out a review in the near future. Can they appoint rent reciever before that review.
 
Thank you for all the help I got on this thread.
We have signed our new 6 month agreement and will hopefully be able to deal with start in the new year positively.
Our trial arrangement sees us paying an extra approximately €60 per month (we had proposed €100) back to the bank on top of our full mortgage payment. Can anyone tell me if that 60 goes towards the arrears?
The trial is looking at a permanent arrangement of a split mortgage where we would have a lump sum payment at the end of approximately 27k.
I only ask as I would like to know if the arrears will reduce (I know not by alot) over the next 6 months of this agreement?
 
Arrears is the amount due but not paid.

So if your scheduled repayments were €10,000 last year, but paid only €6,000, you are €4,000 in arrears.

Likewise, if your scheduled repayments are €400 and you pay €460, then you are clearing the arrears.

However, if your scheduled repayments are €600 and they agree to accept €400 for a trial period, then it's possible that your arrears are rising by €140 per month.

Brendan
 
Theonlywayisup said:
The trial is looking at a permanent arrangement of a split mortgage where we would have a lump sum payment at the end of approximately 27k.
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Unless the documentation of the temporary agreement includes a split at the end of it, then you can't be guaranteed this.

A split mortgage is not a permanent arrangement. ptsb and all the banks except AIB, has a clause whereby it will be reviewed every three years.

Brendan
 
Thanks Brendan. No the full mortgage payment is 838 this includes our life cover. We will be paying back 900 for 6 months on trial arrangement. I was hoping although I know it's only a small sum that the extra would go to the arrears which seem to be the case. As we had offered to pay 950 I will br also putting aside the extra 50 and will build it up to also pay off the arrears. Any extra in fact we will be paying off the arrears. I just wanted to make sure that anything extra would be paid off them and not just sit as an over payment while arrangement was in place
 
I am on a split mortgage 5 years.we have no arrears but we only pay 1/4 of what our mortgage should be. I haven't recieved a letter but haven't slept worrying. We have ptsb current accounts and I've just logged on and everything looks normal on our mortgage accounts. Anyone that has received a letter.. is your open 24 still listing your mortgage accounts?
Thanks
 
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