RBS/Pepper mortgage write down

Nationaldude

Registered User
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Apologies if this has already been discussed but I can't find a thread with the same query.

Basically I'm sounding this out for a couple of friends of mine, they have an apartment they want to sell, valued at €170k, mortgage outstanding with RBS/Pepper €190k. Both in secure state jobs, no arrears, they want to buy a house and have mortgage approval in place with BOI for €230k once the apt is sold. The question is would RBS/Pepper consider writing off the €20k shortfall if they sell the apt for €170k? If so how would you negotiate with them etc??

Thanks in advance.
 
No. They have not been writing down mortgages for early repayment especially if the borrowers have the full capacity to repay the shortfall.

There is nothing to stop them asking though.

Brendan
 
Banks writing off debt for early repayment is an urban myth. Why would they give someone €20,000 off what they owe when it is a perfectly fine mortgage?

The circumstances where there is a write off is where you are struggling with the loan. To get that write off, you need a agree living expenses with the bank for 6 years and give them every penny you earn over the agreed expenses. It's a long, painful road to get to that point.


Steven
www.bluewaterfp.ie
 
Thanks Stephen,

I understand what you're saying there, however, the fact that Pepper are now controlling the mortgage (as far as i am aware) leads me to thinking that they may have bought the loan from RBS at a discounted price, therefore there MIGHT be room for negotiation?

Like I said I'm just sounding this out for a couple of friends who asked for my input.
 
Thanks Stephen,

I understand what you're saying there, however, the fact that Pepper are now controlling the mortgage (as far as i am aware) leads me to thinking that they may have bought the loan from RBS at a discounted price, therefore there MIGHT be room for negotiation?

Like I said I'm just sounding this out for a couple of friends who asked for my input.
No room for negotiation IMO. I am dealing with them on a daily basis. Brendan is correct in what he is saying
 
Apologies if this has already been discussed but I can't find a thread with the same query.

Basically I'm sounding this out for a couple of friends of mine, they have an apartment they want to sell, valued at €170k, mortgage outstanding with RBS/Pepper €190k. Both in secure state jobs, no arrears, they want to buy a house and have mortgage approval in place with BOI for €230k once the apt is sold. The question is would RBS/Pepper consider writing off the €20k shortfall if they sell the apt for €170k? If so how would you negotiate with them etc??

Thanks in advance.
Hi Nationaldude. I was wondering how you got on with this case in the end?
 
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