Transfer of Mortgage From BOI to Pepper

bewhiched

Hi Folks

Hoping you can help.

I have loan offer from BOI and thrilled to be hopefully moving from Pepper.

My solicitor got the redemption letter what happens now do they receive the deeds after the redemption is paid to Pepper from BOI? Not sure on the process...

Thank you very much 😊

tamara25

Best of luck with that, sorry I can’t answer your question but we will b able to hopefully move from pepper ourselves in a few months. We are crucified with payments.. hopefully we will get a fixed rate

ottolwinner

I thought your solicitor would be looking after that. I recently paid off my mortgage BOI sent the deeds to my solicitor. Took 8 weeks though.

bewhiched

Hi Folks

Yes he is as he said to me " The redemption should have been sent to me" just curious as to how long I'd be waiting for the change to BOI thank you

bewhiched

https://www.boards.ie/discussion/comment/121816900#Comment_121816900

I was hammered with them was paying €1356 b4 the ECB then went up to €2000 a month had to clear my Car loan of 15k no credit cards or loans anywhere then banks would not take a solo application so BOI did was blessed but very stressful the scrutised everything my revolut how I paid my car off etc unreal.

My new loan will be a green mortgage and €1400 pm...... thrilled

phormium

I assume you mean changing from Pepper to BOI

Your solicitor requests the redemption figure from Pepper and requests the loan funds from BOI, when they get the funds they send funds to Pepper to clear off the existing loan. BOI issues the funds before getting the deeds because your solicitor will have completed a Solicitor's Undertaking form basically promising they will pay off Pepper from the funds and will send on the deeds to BOI when they get them from Pepper.

How long it takes is anyone's guess, it can sometimes be months but it doesn't really matter to you, once BOI mortgage is drawn down you start paying repayments on that and your repayments to Pepper cease once it is cleared, there can be a dual period of few days, shouldn't be much longer as once your solicitor receives the funds they will pay off existing mortgage asap.

I will say this is how the procedure used to work, who knows maybe these days they have a facility for BOI to transfer direct to Pepper so it is drawn down/completed same day!

bewhiched

https://www.boards.ie/discussion/comment/121818347#Comment_121818347

Thats right from pepper to BOI

That makes great sense,

Wasn't too sure what the deal was. Hopefully it will bethis week as I'm away 4 three weeks next Fri.....

A massive massive thanks phormium your a huge star thank you 😊

JVince

All done by the solicitor.

Redemption figure suggests your solicitor thinks it imminent.

In reality it is the solicitor that will know the timeline for you.