Tranche of ICS Mortgages being sold to "Unregulated 3rd Party"

di11on

In the Indo this morning.

It really seems bizarre that you can take a mortgage out under a certain set of conditions (including protection in the form of regulation) and for your mortgage to be sold and thus alter the effective conditions?

So what are the potential implications if you have an ICS mortgage and it is sold. Higher interest rates? What can you do about it? Try to move to another lender (headache!).

Richard tea

I received my letter from ICS this morning. From what I gathered my mortgage account is simply moving to Bank of Ireland. It doesn't effect rates and I don't need to fill out new forms. The letter mentions nothing about my mortgage been sold to a third party?

bob11

I received my letter as well ,

Paragraph 4 reads:

We also advise you that as part of the implementation of this plan, your ICS account may transfer on from Bank of Ireland to Dilosk Limited on the transfer date or such later date as agreed between Bank of Ireland and Dilosk Limited. You will recieve confirmationn if such transfer to Dilosk Limited from Bank Of Ireland takes place.

Knuttell

Heard about it this morning on the radio!!

Just off the phone with them now,very poor form,released to the media while the customer hasn't even been afforded the decency of a letter in advance of the announcement apparently the letters were sent out Wed evening.

The rep I spoke with was next to useless,all I could glean off her was that if the letter (haven't received it yet) has ML1 at the top of it then you are staying with BOI.

If it has ML2 in the ref title then your loan is very likely going to be sold on to this unregulated company but you will not know for definite until September.

This has been handled in an extremely poor fashion.

SBarrett

The Central Bank need to come out and tell mortgage holders where they stand on this. I find it hard to believe that a regulated entity such as a bank can sell its regulated products to an unregulated body without the Central Banks ok.

Steven

ihavethepower

Their website looks like a hurried and insecure wordpress implementation too. I'd be worried if I were an ICS customer right now. When you take a mortgage out with a bank they enter a mutual agreement that they are a party of interest on the house deeds, would the deeds have to be changed? Who pays for that? Also, if it is the case, they(ICS) are no longer down as the party of interest, in theory can the homeowner sign the house over to whoever they like (ie. another more reputable institution) for a lesser amount.

ihavethepower

Wonder can you get a barring order to prevent a bank from doing this.

belmulletman

I'm trying to figure all this out as well.
The letter says that your rates etc... stay the same as they currently are with ICS, BUT, in my case, i'm finishing a fixed rate on the 14th Sept. I was planning on moving companies to BOI then as I like their rates.
I guess I'd like to know what happens. When I come off the tracker, with ICS no longer existing after Sept 1st, do I revert to BOI rates anyway, or if not, how do I move from being a BOI customer to a BOI customer on the BOI rates!?

It's a very confusing situation at the moment. I've been speaking to a solicitor and they really don't know where I stand at the moment. If i was on a variable anyway, then it would be much cleaner, but since I'm coming off a fixed they aren't sure what will happen, also the fact I was planning on moving to BOI anyway makes it doubly confusing as I will now in be a BOI customer.
(in saying all this, I was out of work for about 2 months a few years ago and engaged the bank to negotiate the mortgage and it was BOI who I delt with the whole time. Was in their offices and all! Thankfully I didn't have to take the option as I got a job before I needed to so it has not effect on my mortgage)

@ihavethepower for as long as I've been with ICS (about 5ish years) that's how their site has been!

If anyone knows anything, or is in a similar boat, please let me know. Similarly, I'll update if I hear anything (my Solicitor is meeting with a bank manager tomorrow and is going to ask about it)

Knuttell

Would think you will likely remain wit BOI,only fully performing loans are being sold on and all tracker mortgages are staying with BOI as well.
If I were you I would break the fixed rate now,the penalty will likely be tiny and demand to be returned back to the tracker you originally came off,don't wait around till the 14 sept,preempt them.

donegal__road

Knuttell wrote: »

Heard about it this morning on the radio!!

Just off the phone with them now,very poor form,released to the media while the customer hasn't even been afforded the decency of a letter in advance of the announcement apparently the letters were sent out Wed evening.

The rep I spoke with was next to useless,all I could glean off her was that if the letter (haven't received it yet) has ML1 at the top of it then you are staying with BOI.

If it has ML2 in the ref title then your loan is very likely going to be sold on to this unregulated company but you will not know for definite until September.

This has been handled in an extremely poor fashion.

what this rep told you does not seem to make sense. If all performing loans are being moved to this unregulated body, your letter will have ML2 at the top.

My cousin has been over-paying on his ICS mortgage for 7 years, and he received a letter today with ML1 at the top.

Knuttell

donegal__road wrote: »

what this rep told you does not seem to make sense. If all performing loans are being moved to this unregulated body, your letter will have ML2 at the top.

My cousin has been over-paying on his ICS mortgage for 7 years, and he received a letter today with ML1 at the top.

Is it a tracker mortgage? Trackers are not being sold on...Not all variable mortgages are being sold on either, think its 250 mil worth.

donegal__road

Knuttell wrote: »

Is it a tracker mortgage? Trackers are not being sold on...Not all variable mortgages are being sold on either, think its 250 mil worth.

no, it is fixed. The first year was variable, then he decided to go fixed since.

Richard tea

Mine starts with ML1 and it would be a preforming mortgage.

Raized

Hi I am just following up on this thread, has anyone an update on what will happen when ICS sells off the mortgage book?

Knuttell

Rang them this morning and "it's been transferred to diolosk and you'll get something in d post about it in a bit"

That's great,no need for concern as I'll get something in the post about it in a while.

Phew that's a weight off.

Funny the reward for paying your mortgage in full every month is you get flogged off to some company you never heard of who may if they feel like it ramp up the interest rates.

belmulletman

anyone get any more on this.

Raized

What is most worrying about this Dilosk company is that they intend to enter the 'buy to let' market where the interest rates will be much higher than residential rates. Does this result in us performing residential customers paying above the odds on mortgage rates???

The Dilosk website isnt very consoling either, a 10 year old could have designed it in wordpress, smells of cowboy hats and stirrups really.

So, as previously stated, because I have diligently payed my mortgage and the value of my property is almost twice the value of my mortgage and I joined ICS through a broker I am to be cast to a loan shark type unregulated company with no deposits, branches or visible infastructure.

Cowboy banking is alive and well in Ireland and 2000 ICS customers are to be the next victims!!

As soon as my fixed rate finishes in 2016 I'm outa there like a runny sh1te off a wet shovel!!!

Richard tea

I received a letter yesterday informing me that I am now with Bank of Ireland for my mortgage.

bob11

Got a letter today telling me that my mortgage has been transferred to dilosk on 1st September. BOI will be sending me a closing statement .
All future correspondence should be addressed to Dilosk who will be writing to me shortly, to tell me about changes to payment details etc ...
I had a performing variable rate mortgage.

hadit2here

i used to be able to log into www.icsmortgages.ie and look at my mortgage details

but that system seems to be down now, I wonder is that permanent ?

iainBB

Got the same letter in the post today. Thinking of moving mortgage provides .

Knuttell

iainBB wrote: »

Got the smart letter in the post today. Thinking of moving mortgage provides .

Likewise I feel we have been treated very shabbily by ics,hardly a surprise from a bank,scum bags each and every one of them,regardless I will be looking for a less scummy one for my mortgage

iainBB

We currently overpay our mortgage and rate is 4.8

our house has increased in value recently and we may get a much better interest rate.

bob11

Got my "Welcome to ICS Mortgages " letter today ..

http://icsmortgages.ie.46-22-130-204.cloud.graphediahosting.com/wp-content/uploads/2014/09/ICS-Mortgages-Website-FAQs.pdf

iainBB

A lot of ICS and other mortgages lender profits are suffering from tracker losses so the var rate was a bit higher to offset this.
Since all of our mortgages are "performing" I would have expected to see a reduction in rate if they are "trying" to create competition. They have no trackers mortgages dragging them down, we are provided them with pure profit.
That is only if the competition statement was true if it was a marketing tactic the rate would stay the same.

naughtysmurf

Our ICS mortgage has been moved to BOI also, 8 or 9 years left, it's a tracker too, may be in a position shortly to clear it completely if we wish,

Anybody know if there is any possibility of getting a discount for paying it off in full, seeing as it's a tracker & I'm led to believe that they lose money on trackers?

hadit2here

hadit2here wrote: »

i used to be able to log into www.icsmortgages.ie and look at my mortgage details

but that system seems to be down now, I wonder is that permanent ?

ah, its here now

https://www.yourmortgagemanager.ie

LFC Murphy

hadit2here wrote: »

ah, its here now

https://www.yourmortgagemanager.ie

Anyway having difficulties logging in?

I get the following message

ST_PBO error '800a005b'

Object variable or With block variable not set

/omm/loginaction.asp, line 244

hadit2here

LFC Murphy wrote: »

Anyway having difficulties logging in?

I get the following message

ST_PBO error '800a005b'

Object variable or With block variable not set

/omm/loginaction.asp, line 244

yep, the website is buggy... i get that alot, but then suddenly it will work.
i did report it to them months ago(the old website was then same) but nothing seems to have happened/be done about it

naughtysmurf

I can get in if I use google chrome ok but not with firefox