ptsb selling buy to let interest-only loans to Pepper

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My loan was not distressed or restructured, I've always over paid. It was transferred from PTSB . I have no Idea why. Its a tracker interest only. But I have clear about 75% of the principal over the years.
 
Brendan Burgess said:
Why was your loan sold to Pepper?
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That's a question I would like to know the answer too as well.
My loans were transferred from PTSB this year and are not restructured. I am meeting my contractual obligations in full and no payments missed.

Maybe they regard interest only as non-performing but at 5% interest it can't be loss making for them. Some posters on AAM, refer to anyone who has a loan sold or serviced by Pepper as somehow bringing this on themselves by being in arrears or in a restructure. This, as far as I am concerned, is not correct
 
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Were they buy to let loans by any chance?

I didn't think that ptsb did interest-only loans on owner occupied homes.

Brendan
 
Brendan Burgess said:
Were they buy to let loans by any chance?

I didn't think that ptsb did interest-only loans on owner occupied homes.

Brendan
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At least two of the posters here seem to be referring to interest only loans on rental properties. Could PTSB have sold some of these to Pepper even if they were performing and were not restructured? In threads like this it's probably a good idea if people clarify if they're referring to a PPR or a rental property mortgage?
 
OK, so they did transfer some performing interest-only buy to lets to Pepper

Loan Transfer | Transfer to Pepper - February 2023 | permanent tsb

Has your Mortgage Loan been transferred to Pepper and you have questions in relation to the transfer? Find assistance here with theses FAQs.
www.permanenttsb.ie www.permanenttsb.ie


What types of Loans were included in the transfer?
The transfer consisted of selected loans that when applied for and drawn down, were Buy to Let/residential investment type loans.
Why has permanent tsb transferred my Loan?
The transfer has been undertaken for commercial reasons. Your Loan and its contractual position are unaffected by the transfer to Pepper and all terms and conditions have transferred with your Loan.
 
I suspect that because they were interest-only they were required to set aside large amounts of capital against them even though they were fully performing.

Brendan
 
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