Pepper Split Mortgage and Increasing Interest Rates

[Rachel18]

Hi,

I'm looking for a little advice in regards to a split mortgage who is with Pepper Finance and how others are coping.

Like anyone else who is with Pepper, I have had 3 interest rate hikes since last Nov, with the last hike bringing the interest rate up to 7.5% and obviously this is going to increase another few times this year

I have yearly reviews with Pepper, and my last one was about 6 months ago where it was agreed upon what I could afford to pay each month. (That's another issue I have, my mortgage was moved from PTSB and PTSB stated in a letter that they would review my circumstances at least every 3 years, yet I have Pepper reaching out to me every year. I told them last April, that there was no need for me to complete SFS as my circumstances hadn't changed, they said that's ok and would mark it in the system, yet a few months later another SFS came out, and I told them I wasn't to fill one out, but they insisted on me filling it out.)

With these interest rate increases, it's a real struggle to ensure I'm paying the agreed amount each month, money from government for electric is helping me a bit and then cutting back on social things in my life which is not sustainable in the long term (no holidays, cutting out on going out to cinema or socialising, etc - being a single mum, to keep your sanity, need these little things in life)

I contacted Pepper about this, and they said there is no options for me (as they can't extend the term of the contract, as mortgage is due to term when I am 71), only thing I can do is contact MABs or go into Mortgage to rent scheme which I don't think I would want as I want to keep my home.

Also, I'm afraid if the interest rates come back down in the future, they will see I can afford to pay more and will want me to agree to move money from the warehouse (0% interest) into the active account

I appreciate your thoughts on opinions on this.

Thank you

 

[Raging Bull]

Hi,

I'm looking for a little advice in regards to a split mortgage who is with Pepper Finance and how others are coping.

Like anyone else who is with Pepper, I have had 3 interest rate hikes since last Nov, with the last hike bringing the interest rate up to 7.5% and obviously this is going to increase another few times this year

I have yearly reviews with Pepper, and my last one was about 6 months ago where it was agreed upon what I could afford to pay each month. (That's another issue I have, my mortgage was moved from PTSB and PTSB stated in a letter that they would review my circumstances at least every 3 years, yet I have Pepper reaching out to me every year. I told them last April, that there was no need for me to complete SFS as my circumstances hadn't changed, they said that's ok and would mark it in the system, yet a few months later another SFS came out, and I told them I wasn't to fill one out, but they insisted on me filling it out.)

With these interest rate increases, it's a real struggle to ensure I'm paying the agreed amount each month, money from government for electric is helping me a bit and then cutting back on social things in my life which is not sustainable in the long term (no holidays, cutting out on going out to cinema or socialising, etc - being a single mum, to keep your sanity, need these little things in life)

I contacted Pepper about this, and they said there is no options for me (as they can't extend the term of the contract, as mortgage is due to term when I am 71), only thing I can do is contact MABs or go into Mortgage to rent scheme which I don't think I would want as I want to keep my home.

Also, I'm afraid if the interest rates come back down in the future, they will see I can afford to pay more and will want me to agree to move money from the warehouse (0% interest) into the active account

I appreciate your thoughts on opinions on this.

Thank you

Rachel you are best to arrange an appointment with a PIP. If its already split and you are struggling it looks like you need a stronger solution

 

[Brendan Burgess]

Hi Rachel

You should provide all of the following information so that you can get a better informed response:

Case study - Information required for mortgage arrears and negative equity questions

Please copy and paste this post into a new thread. If you give comprehensive information, it will maximise your chances of getting comprehensive and useful results. Income details Net monthly (i.e. after tax) Income self: nature of income e.g. self-employed/public servant...

www.askaboutmoney.com

 

[Peggie]

Hi,

I'm looking for a little advice in regards to a split mortgage who is with Pepper Finance and how others are coping.

Like anyone else who is with Pepper, I have had 3 interest rate hikes since last Nov, with the last hike bringing the interest rate up to 7.5% and obviously this is going to increase another few times this year

I have yearly reviews with Pepper, and my last one was about 6 months ago where it was agreed upon what I could afford to pay each month. (That's another issue I have, my mortgage was moved from PTSB and PTSB stated in a letter that they would review my circumstances at least every 3 years, yet I have Pepper reaching out to me every year. I told them last April, that there was no need for me to complete SFS as my circumstances hadn't changed, they said that's ok and would mark it in the system, yet a few months later another SFS came out, and I told them I wasn't to fill one out, but they insisted on me filling it out.)

With these interest rate increases, it's a real struggle to ensure I'm paying the agreed amount each month, money from government for electric is helping me a bit and then cutting back on social things in my life which is not sustainable in the long term (no holidays, cutting out on going out to cinema or socialising, etc - being a single mum, to keep your sanity, need these little things in life)

I contacted Pepper about this, and they said there is no options for me (as they can't extend the term of the contract, as mortgage is due to term when I am 71), only thing I can do is contact MABs or go into Mortgage to rent scheme which I don't think I would want as I want to keep my home.

Also, I'm afraid if the interest rates come back down in the future, they will see I can afford to pay more and will want me to agree to move money from the warehouse (0% interest) into the active account

I appreciate your thoughts on opinions on this.

Thank you

Hi iv just come across this forum I am on a split mortgage was with ptsb again like you this form needs filled every year have one sitting here since last year's agreement my payments have gone up by 123e monthly as I have a big ware house one I'm really struggling to pay this amount I'd rather put that to save independenly for warehouse one not when I'm 70 and still have massive amount to pay ..i really don't see way out at the moment I hate this time of year trying to fill the Same form over and over again

 

[ClubMan]

Hi iv just come across this forum I am on a split mortgage was with ptsb again like you this form needs filled every year have one sitting here since last year's agreement my payments have gone up by 123e monthly as I have a big ware house one I'm really struggling to pay this amount I'd rather put that to save independenly for warehouse one not when I'm 70 and still have massive amount to pay ..i really don't see way out at the moment I hate this time of year trying to fill the Same form over and over again

Your post is very difficult to read without any punctuation. What is your question?

 

[Peggie]

Is there any option, that I have to try get a small portion taking off warehouse mortgage at the end of my term? I'm not sure how in 22 years il be almost 70 and how i can come up with 130.000 euro. As I'm trying to put away some money for this I'm really struggling in my head with worry and finding it different to keep doing so as my children are missing out on activitys. Has anyone got any options for me please.