Pepper/BOSI doing any deals to clear mortgages?

mobyduck

Hi,

I noted with interest the article in the Indo this week that Tanager may be offering to write off parts of (originally) BOSI tracker mortgages if the home owner or investor can pay off and/or finance elsewhere.

I have a very advantageous interest only tracker mortgage _still_ with BOSI apparently, but managed by Pepper i.e. does not appear to have been sold on to Tanager or any other third party.

Any suggestion that a deals such as that in article above might be offered by BOSI/Pepper to mortgage holders in the near/medium term?

cerastes

Be good if the so called Highstreet banks were offering something off a tracker, Id probably change mine over for some offer, obviously Id do the sums first, with a large chunk off it'd be hard to see how it could not be a better option even with non tracker rates.
If the banks can write off a huge chunk to sell distressed mortgages to vulture funds, how is that any different than allowing a home owner to avail of such a discount and refinance for them?

Victor

It will really depend on how they see each individual mortgage performing. If the customer is paying on time, with no arrears, then they will be in no particular rush to off-load it. If it's a basket case, they will drop it like it's a hot cake.

mickmac76

I have a BOSI mortgage as well which is a tracker. I can't see the bank offering any reductions to people who can afford their mortgage. As far as I remember only mortgages in arrears where sold on to tangeir, pepper handle the good mortgages.

galwaylad1976

I also have a mortgage that was originally with BOSI then moved to Tanager. We have been struggling with payments over the past 5 years - interest only, capitalised arrears etc... However over the past 2 months they have been hounding us for updates on our financial affairs, SFS docs, saying we are not complying with the MARP process etc... we were/are!

We sent all of those back and i got a call from Laptius. They said they were looking for ways to find a "permanent resolution" for the account and asked what we could propose. I said we are only in a position to continue with the current agreement which is interest only. They were not keen on that and amoung other possible options they said if we could arrange finance elsewhere they would be willing to sell us the mortgage on a reduced price but could not give me a figure until i applied to start that process.

I told them thats not a possibility as no bank will touch us with our current credit rating. That kind of ended the call but the agent said they will review the most recent statements and get back to me.

Not sure what is going to play out with them.

mobyduck

Thanks for the info everyone.

We got an interest-only tracker at ECB+0.55% at the height of the banks trying to snarf market share back around 2007. So right now paying < €200pm on > €300K mortgage as ECB rates close to 0%.

I can manage those type of repayments no bother ... it's smaller than my car loan.

However question remains: Can BOSI be making money on that kind of mortgage at this point? While no arrears, missed payments etc, I wonder how this would be seen as a "performing" loan, and if this might lead them at some point to offer me a deal to get it off their books.

I may be in a position to refinance if such a deal was on the table.

cheers, MobyDuck

Grumpypants

mobyduck wrote: »

Thanks for the info everyone.

We got an interest-only tracker at ECB+0.55% at the height of the banks trying to snarf market share back around 2007. So right now paying < €200pm on > €300K mortgage as ECB rates close to 0%.

I can manage those type of repayments no bother ... it's smaller than my car loan.

However question remains: Can BOSI be making money on that kind of mortgage at this point? While no arrears, missed payments etc, I wonder how this would be seen as a "performing" loan, and if this might lead them at some point to offer me a deal to get it off their books.

I may be in a position to refinance if such a deal was on the table.

cheers, MobyDuck

If the rate they are paying on the loan is less than .5% then it is making money.

When they say they are "losing money" im more inclined to think that what they really mean is they could be charging 4% for that money they are loaning to you at .55% so are "losing" out on 3.5%

Kind of like if you bought a car for 1000. And then could sell it to person A for 1500 or person B for 2000. You would say to person A im losing money selling it to you for 1500. But in reality you are still making a profit.

I dont think there are any offers for pepper loans, im interested to hear otherwise since im also with them now. And thinking of selling up in the next few years. If i got a discount it might push that along.

But in general the banks dont want trackers so if you could re-finance they would prob prefer it off the books and give some discount, but nothing like what was being mentioned.

xabi

Im with pepper and tried offering them a setttlement deal, they weren't interested.

mobyduck

Ah, wishful thinking on my part, then!

NONAMESLEFT10

I am also with pepper and being thinking of making them an offer myself and trying find out the best way to approach them,

I read recently that a new law had being brought in last year which states if a homeowner has the capability to do a settlement of within current market value, the vulture fund or third party lender is under obligation to accept it.

I have being trying to find where I read it and find it in law but being unsuccessful, what I have seen is that 'new beginnings' are hoping to start buying out mortgages at reduced rates from pepper and such firms this year.

Anybody know any more on this??

mobyduck

Update: talked to Pepper. No deals being offered to clear full amount. The guy said "not yet" but I don't think he was hinting at anything interesting here. No harm asking them every year ...