Pepper Mortgages (ex-Danske Bank and new customers)

yop · 23-08-2016 03:41PM #1

So those with residential loans that are not bad should be okay and stay on the same rate?
I'd love to get away from them, still sickened at the way they got away with the Offset scam.

Rock Steady Edy · 24-08-2016 10:37AM

yop wrote: »

So those with residential loans that are not bad should be okay and stay on the same rate?
I'd love to get away from them, still sickened at the way they got away with the Offset scam.

As someone who relinquished a Danske Bank loan within the last 12 months as we wanted to move more than we wanted to stay in our old house on a tracker rate, arranging a mortgage now with a bank is a complete p in the a. You think you have given them everything they requested and then 2 weeks before you move, and 4 weeks since they contacted you previously, they realise they need more documentation. I was not impressed at all. And I don't think the story is unique to the bank we transferred to.

So be careful what you wish for. If I could, I would definitely have preferred to have to stayed with Danske / Pepper.

dolallyoh · 19-11-2016 10:09AM

yop wrote: »

So those with residential loans that are not bad should be okay and stay on the same rate?
I'd love to get away from them, still sickened at the way they got away with the Offset scam.

Hi Yop

How much longer have you to pay ? I have 2 years or so myself and starting to wonder about the deeds.

yop · 19-11-2016 10:12AM

16 years left. I've missed around 5 calls from pepper in last few weeks. I'm wondering if they are trying to get us to move to them

dolallyoh · 19-11-2016 10:14AM

They employ 300 people and have no email address. Incredible.

clint_silver · 19-11-2016 10:26AM

dolallyoh wrote: »

They employ 300 people and have no email address. Incredible.

Ive had letters replied from them fairly quickly from that shannon po box.

dolallyoh · 19-11-2016 10:28AM

I last bought a stamp 2 years ago. I must see if I still have it somewhere !

yop · 19-11-2016 11:32AM

I've had no statements from them since pepper took over. It's stone age stuff. If I see a better deal I'll move.

Thoie · 21-11-2016 11:05AM

yop wrote: »

I've had no statements from them since pepper took over. It's stone age stuff. If I see a better deal I'll move.

I've been getting an annual statement (usually turns up in January sometime - not the anniversary of the mortgage). I had to call them on Friday and ask for a statement and they said they'd post it out asap - will let you know if/when it turns up.

makeorbrake · 24-11-2016 06:25PM

yop wrote: »

I've had no statements from them since pepper took over. It's stone age stuff. If I see a better deal I'll move.

I think they have a regulatory obligation to provide a statement once per year. Don't quote me on that buy I'm fairly sure thats the case.

As regards email, a lot of places trying to 'hide' email addresses - anything to discourage contact and cut down the customer support input!

Thoie · 25-11-2016 10:25AM

Thoie wrote: »

I've been getting an annual statement (usually turns up in January sometime - not the anniversary of the mortgage). I had to call them on Friday and ask for a statement and they said they'd post it out asap - will let you know if/when it turns up.

Statement turned up promptly (possibly Monday?) Looks like the annual one and had everything from January first until the day I called. Each line alternates mortgage payment then debit interest with a running balance on each line.

ABC101 · 01-12-2016 11:53AM

When I log onto Pepper website to check my Danske mortgage... I see a Principle Balance and a Total Outstanding Balance.
There is about 3.5K difference between the two.
So my question is, why the difference? Do I have a mortgage with the lower or higher number to pay?

Thoie · 01-12-2016 11:58AM

ABC101 wrote: »

When I log onto Pepper website to check my Danske mortgage... I see a Principle Balance and a Total Outstanding Balance.
There is about 3.5K difference between the two.
So my question is, why the difference? Do I have a mortgage with the lower or higher number to pay?

I don't have access to see balance or anything online - did you do something special to get that?

I'd suspect that the lower number is the principal only, and the higher number is the principal with projected interest added, so if you were going to pay it all off today with a big lump sum, it would probably be the lower number (possibly with some additional charges for closing out the account or something, or remaining interest from date x to today). If you just let it run it's natural course over the next x years, then you'll end up paying the higher number.

Looking at the statement I got, they add interest every month, presumably based on the outstanding balance due.

dolallyoh · 01-12-2016 12:32PM

I didn't know you could go online either. I just registered - need account number and whatever birthdate they wrote down - in this case my wife's. I can now see everything !

Thoie · 01-12-2016 12:47PM

dolallyoh wrote: »

I didn't know you could go online either. I just registered - need account number and whatever birthdate they wrote down - in this case my wife's. I can now see everything !

Just did it too! Would have saved me some time on the phone over the last while if I'd known about it earlier

I can't see details of previous payments - just the current balances, but that's still handy enough.

ABC101 · 01-12-2016 01:04PM

Hi Folks,
Oh... sorry about that... I thought everybody knew one could log onto the website and check some information etc.
I should have mentioned it before now!!
Anyway Pepper only added the LOG in function relatively recently, perhaps in the last 9 months or so (I think).
I used to ring them up regularly to check balances and make sure extra payments had been received etc. None of the female staff I spoke to ever mentioned about the facility to log in and check for oneself without the requirement to make a pesky phone call.
Then one day I got a man on the line.... and he mentioned about signing up and logging in etc. Needless to say I was delighted, no need for pesky phone calls and answering security questions etc.
However the information displayed is fairly minimal, no history or interest calculations etc, just a balance and some contact details.
But two balances are quoted, Principle Balance and Total Outstanding Balance with a 3K difference between the two.

The impression I get from Pepper, is that when you phone them, they are expecting a difficult conversation to begin... i.e. I canna pay, I lost my job etc etc.
But when you tell them "I'm just calling to check my outstanding balance and nothing more" they sound kind of incredulous, like why would you want to know your outstanding balance?
I like to keep informed regularly, and when your mortgage statement is only once a year... it's not enough for me!

When I was ending the call, they always signed off with a statement if you are having any problems paying, please get in touch and we will only be too happy to assist.

Yeah Right!!!

dolallyoh · 01-12-2016 01:08PM

My principal and outstanding balances are the same.

I also pay an unchanging amount every month.

FWIW I agreed to move off the offset for the 1% diff (as had spent most of my savings the previous year)

ABC101 · 01-12-2016 01:17PM

I have been making extra payments this year, basically whatever interest they applied I also paid that too. Perhaps that is it?

dolallyoh · 01-12-2016 01:21PM

I'd imagine they haven't updated the higher sum.

Thoie · 01-12-2016 01:33PM

ABC101 wrote: »

But two balances are quoted, Principle Balance and Total Outstanding Balance with a 3K difference between the two.

Having logged in, I can see a difference between the two on mine, but can trace it exactly. Numbers below are not real, but give an indication (you're all lovely, but I'm not sharing my financial details with you!)

In my case I see
Principal balance:200,000
Outstanding balance: 199,500
Monthly payment: 1000

I know where the €500 difference came from. I overpay my mortgage each month - let's say I should be paying 900, but I pay 1,000 instead, which I arranged with them by letter years ago. So that explains why the monthly payment says 1,000 - it's not the minimum payment due, but a higher amount that I notified them about.

Last month I actually paid them 1,500, but I never sent them a letter about it, I just did it. So according to their calculations I should owe 200k, but the actual balance is 199,500 due to the overpayment.

So the outstanding balance seems to be the real figure you owe them, regardless of what the principal balance says. Does that help?

ABC101 · 01-12-2016 01:49PM

Yes ... indeed it does... as it agrees with what I am thinking too!
But I am a cynic... a crusty old cynic... and the cynic in me would not be surprised... if on having cleared the Total Outstanding Balance... that they would say... "well you still owe another X thousand"
On another point... I have been making over payments for a long time now... a lot more than 3K. So not sure why it does not show a greater difference. I know to date I have reduced my mortgage end date by about 3 years so far.
Unless of course the 3K difference is the difference since the start of the year 2016, and every 1st January the Principle Balance is reset to match the Total Outstanding Balance. That might be it. Paying an extra 3K or so would be about right for 2016.
Only 1 month to go to test this theory!

dolallyoh · 01-12-2016 01:53PM

Ring and ask - you'd want your interest repayments to be calculated against the lower sum.

Thoie · 01-12-2016 02:34PM

ABC101 wrote: »

Yes ... indeed it does... as it agrees with what I am thinking too!
But I am a cynic... a crusty old cynic... and the cynic in me would not be surprised... if on having cleared the Total Outstanding Balance... that they would say... "well you still owe another X thousand"
On another point... I have been making over payments for a long time now... a lot more than 3K. So not sure why it does not show a greater difference. I know to date I have reduced my mortgage end date by about 3 years so far.
Unless of course the 3K difference is the difference since the start of the year 2016, and every 1st January the Principle Balance is reset to match the Total Outstanding Balance. That might be it. Paying an extra 3K or so would be about right for 2016.
Only 1 month to go to test this theory!

If you're overpaying a regular amount each month, just write them a letter along the lines of "from now on I will pay €x until further notice". They'll update the "monthly due" number in line with that, and the two balances should equal - mine would have (with regular long term overpayments) except for the extra overpayment in November.

The woman I spoke to on the phone said something along the lines of "the system would pick it up and adjust it", so quite possibly they do a year end run which resets it, which would confirm your thinking that the €3k is just for this year.

As far as I can see the monthly interest gets calculated on the outstanding balance, though I still find monthly interest calculations difficult to work out.

For example, my interest rate is 0.55%
If I take the balance at the end of January, then I'd have to multiply that by 0.0511% to get the interest applied at the start of Feb

For Feb/March I'd multiply by 0.0478% to get the next balance, the month after it's 0.0489%, so I can't make head nor tail of it. Maybe it's calculated daily and added up once a month or something. 0.55 / 12 = 0.0458, so that's not exactly it either.

ABC101 · 01-12-2016 03:07PM

I calculate my interest below, for example

200,000 mortgage at 3.15%

200,000 / 100 = 2000

2000 * 3.15 = 6300 interest per year

6300 / 365 = 17.26 euro per day

17.26 * 30 days for November = 517.80 interest added for November only.

Interest is normally calculated daily.

That's why there is a big difference between paying at the start of the month or at the end of the month.

BuffyBot · 01-12-2016 04:34PM

Posts moved from the old Danske Bank thread

Thoie · 01-12-2016 05:19PM

Buffy Bot, we're still talking about Danske Mortgages (well, I am at least) - they're just being managed by Pepper. I haven't taken out a new Pepper mortgage.

BuffyBot · 01-12-2016 05:37PM

Pepper now administrate the mortgages on a day-to-day basis. Seems better to have a dedicated thread than having them in an mingled into an older, longer thread

ABC101 · 01-12-2016 07:34PM

Ah.... that's unfortunate... not only is Danske Bank gone, but so is my Danske Account, and so is the Danske Bank thread on boards!!!!
But it was the last bit of Danske Bank left!!! It was like a fraternity!!

skippy2 · 29-06-2017 08:17AM

Will be interesting to see if much comes of this

http://www.independent.ie/business/irish/danske-bank-eyes-2bn-sale-of-retail-loan-book-35876475.html

will they offer the mortgage holders the same deal if they put the portfolio on the market ???????

ABC101 · 29-06-2017 11:54AM

On the face of it I would welcome BOI taking over ex Danske / Pepper managed loan book.    My reasoning is this...
1)   I'm on 3.15% but it is variable.   It is anticipated that the ECB will start to commence a rise in rates in the next 6 to 12 months.   Therefore I could be on 3.65% within the next 12 months or so.
2)   BOI have some fairly good Fixed rate mortgages, so I was thinking of changing to a Fixed rate of around 3.X%, or what ever the best I can get.
3) If BOI were to take over the loan book, then the hassle and cost of transferring the loan paperwork myself from Danske / Pepper to BOI would have already been covered in the sale.
It is on my mind to get fixed, as I think rates are not going to go lower, only up.

alig123aileen · 30-06-2017 12:50AM

BuffyBot wrote: »

Pepper now administrate the mortgages on a day-to-day basis. Seems better to have a dedicated thread than having them in an mingled into an older, longer thread

if your. Ortgage/loan is sold you should ask for documentary evidence of who now has proof of title. I think you will find pepper will go very quiet as will your original Mortgage holder. Happy to hello as I have background in this. There are ways through this

Pepper Mortgages (ex-Danske Bank and new customers)

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