We have a mortgage that was sold to Pepper, originally with PTSB.
2 mortgages on one property:
One Tracker at .8% over ECB, 5.3%, principal amount 130k (warehoused 88k)
Second mortgage was fixed which just ended so Pepper have increased it to 8.36% , principal 32k (warehoused 28k)
We have 25 years left on the mortgages and with the ECB rate being high and Pepper increasing the variable to a high percentage - is transferring the mortgages to a new lender an option with a more reasonable rate? Looking online there are low rates with some lenders (2.75 or 3.4 variable) which would be close to the same amount we pay now on just the principal and not even the warehouse but we would have to change over the whole mortgage to a new lender.
Our tracker rate is good so should we try to keep it and just suck up the high variable with Pepper and keep the warehoused deal we have? If the ECB reduces will Pepper be expected to reduce their variable rate?
2 mortgages on one property:
One Tracker at .8% over ECB, 5.3%, principal amount 130k (warehoused 88k)
Second mortgage was fixed which just ended so Pepper have increased it to 8.36% , principal 32k (warehoused 28k)
We have 25 years left on the mortgages and with the ECB rate being high and Pepper increasing the variable to a high percentage - is transferring the mortgages to a new lender an option with a more reasonable rate? Looking online there are low rates with some lenders (2.75 or 3.4 variable) which would be close to the same amount we pay now on just the principal and not even the warehouse but we would have to change over the whole mortgage to a new lender.
Our tracker rate is good so should we try to keep it and just suck up the high variable with Pepper and keep the warehoused deal we have? If the ECB reduces will Pepper be expected to reduce their variable rate?
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