Took out a mortgage with G.E. Money - now paying 10%
- Thread starter Tara10
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Brendan Burgess
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@Tara10
I am trying to get my head around how Pepper sets interest rates.
Could you give us a short history of your mortgage
1) Which lender you took it out with?
2) What year did you take it out
3) Summary of arrears and restructuring history
4) When was it sold to Pepper?
5) What rate you were on when it was sold to Pepper?
Thanks
Brendan
I am trying to get my head around how Pepper sets interest rates.
Could you give us a short history of your mortgage
1) Which lender you took it out with?
2) What year did you take it out
3) Summary of arrears and restructuring history
4) When was it sold to Pepper?
5) What rate you were on when it was sold to Pepper?
Thanks
Brendan
I was originally with IIB HomeLoans.
I Remortgaged the house about 15years ago I think went through a broker Blue something wad their name in Dundalk.. Impeccable credit rating nothing ever late or missed even now.. was then on to GE Money. The crash came couldn't move negative Equity then Nua HomeLoans Then START Now PEPPER never had arrears in my life no restural history whatsoever. Low rate when I started the Remortgage sorriest thing I ever did and will never do again bloody paying for it now 10 times over.. so iv a Car loan I need to clear off ASAP b4 I hopefully can switch.... 1950 I'll be paying in September on my own... absolutely Desperate
Hope this helps
Thanks Brendan.
Brendan Burgess
Founder
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OK, so you started with a sub-prime lender. You took out a loan at a rate well above the market and you are continuing to do so.
Your case is unlike the people who took out prime loans with AIB or ptsb and have been sold to vultures.
Brendan
I think to be fair, she moved to it while remortgaging, and had a sweetheart rate to start with. Perhaps the small print was very small indeed?
I can understand - a lot of people were so desperate to sort themselves out, get on the housing ladder or do other stuff that they were almost delighted to get what they thought was a "deal."
Brendan Burgess
Founder
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- 52,270
Not sure that the remortgaging changes anything?
Where does she say she got a sweetheart deal?
She was with IIB Homeloans and should have been able to get a top-up from them?
But my main point, is that she is outside the scope of this thread as she is not in the same category as a customer of a mainstream bank who would be paying 3.5% to 4.5% today, but instead are paying 8% and more.
@Tara10
You might like to start a separate thread about your case. It's possible that you were tricked into a sub-prime loan.
Brendan
No I was on Prime lender when I changed and un known to me I was switched to a VULTURE Fund I didn't asked to "can ye put me on a high rate VULTURE Fund please"
Brendan Burgess
Founder
- Messages
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Hi Tara
You took out a loan with a sub-prime lender. You were misguided or badly advised. But if you want to discuss this, start another thread.
Your case is very different from people who took out ordinary mortgages with banks whose loans were later sold to vulture funds.
Brendan
You took out a loan with a sub-prime lender. You were misguided or badly advised. But if you want to discuss this, start another thread.
Your case is very different from people who took out ordinary mortgages with banks whose loans were later sold to vulture funds.
Brendan
RichInSpirit
Registered User
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- 1,152
Hi Tara.
Sorry for the late reply. Busy at work.
One thing jumps out at me from your posts. You haven't missed a payment or have any arrears, ever. At circa €2000 loan repayments per month at the moment, this suggests to me that you have a good income and/or are a very good money manager.
I was trying to figure out your figures from the figures you have given. I think I have them, roughly at least.
15 years in the past you were in negative equity. Have you done a recent valuation? You could be looking at a loan to value now of 50% or better.
And with a perfect credit rating I couldn't see why you couldn't switch to a main stream lender at a much better rate. Unless maybe you are self employed or some other issue that is not apparent.
And going by another recent thread maybe you could consolidate the car loan. Even if this is not recommended by some.
Consolidation was encouraged by the lender in this case.
Sorry for the late reply. Busy at work.
One thing jumps out at me from your posts. You haven't missed a payment or have any arrears, ever. At circa €2000 loan repayments per month at the moment, this suggests to me that you have a good income and/or are a very good money manager.
I was trying to figure out your figures from the figures you have given. I think I have them, roughly at least.
15 years in the past you were in negative equity. Have you done a recent valuation? You could be looking at a loan to value now of 50% or better.
And with a perfect credit rating I couldn't see why you couldn't switch to a main stream lender at a much better rate. Unless maybe you are self employed or some other issue that is not apparent.
And going by another recent thread maybe you could consolidate the car loan. Even if this is not recommended by some.
Consolidation was encouraged by the lender in this case.
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Brendan Burgess
Founder
- Messages
- 52,270
Was the broker Mortgage Cabin?
A lot of people took out mortgages with sub-prime lenders around 15 years ago when their own lenders refused them top-ups.
It's possible that you could have qualified for a prime loan but the broker steered you to sub-prime to get a higher commission and fee.
But, I am a bit surprised that you did not know it was a sub-prime lender. You should have known the interest rate and you should have known that it was much higher than you had been paying to IIB Homeloans.
Brendan
Mortgage Cabin
hi all, Just found this site today.. Very interesting! Already found some useful info. A friend of mine is thinking of going for a mortgage with Mortgage cabin. She has a bad credit rating with ICB, she has since paid this debt off etc.. Its from her college days. She has a great income now...
www.askaboutmoney.com
A lot of people took out mortgages with sub-prime lenders around 15 years ago when their own lenders refused them top-ups.
It's possible that you could have qualified for a prime loan but the broker steered you to sub-prime to get a higher commission and fee.
But, I am a bit surprised that you did not know it was a sub-prime lender. You should have known the interest rate and you should have known that it was much higher than you had been paying to IIB Homeloans.
Brendan
How to move a sub prime mortgage?
About 16 months ago i was as i realise now "fooled" into taking out a sub prime mortgage. I went through a mortage broker at the time and after getting morgage approval from 2 prime banks i found when i sale agreed on a property suddenly those offers were not there anymore. this was blamed on a...
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Remortgaging with subprime lenders
I have a friend who needs to remortgage with a subprime lender who's looking for some advice to make it as risk free as possible. They currently owe about 90k on their current mortgage, their house is worth about 420k, and they want to increase their mortgage to about 170k (i.e. an additional...
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Could it have been Blue Sky Mortgages in Dundalk?
Home | Blue Sky Mortgages| County Louth | Mortgages
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Is this the sequence?
- Original mortgage taken out with IIB Homeloans
- (IIB became KBC in 2008 in case that's of any relevance here?)
- Remortgaged via "Blue ..." broker with GE Money
- Mortgage sold to Nua Homeloans
- Mortgage sold to Start
- Mortgage sold to Pepper
15 years ago would have been mid-late 2008.
Banks were seeing the first signs of stress in the market. Brokers and estate agents and many in the media were claiming a soft landing.
Banks started to pull back and get more strict on multiples.
Sub prime lenders like GE money were still taking risks (and charging) but may have had introductory deals or may have been close enough to mainstream banks that meant it was not a noticeable difference at that point in time.
GE money (previously woodchester ) sold their homeloan business to Pepper. Where Nua and Start come into the equation is puzzling.
But I think the question that needs to be asked is how/why a sub prime mortgage was advised in the first place.
Here's an interesting thread from the UK regarding GE money secret commissions
www.consumeractiongroup.co.uk
Banks were seeing the first signs of stress in the market. Brokers and estate agents and many in the media were claiming a soft landing.
Banks started to pull back and get more strict on multiples.
Sub prime lenders like GE money were still taking risks (and charging) but may have had introductory deals or may have been close enough to mainstream banks that meant it was not a noticeable difference at that point in time.
GE money (previously woodchester ) sold their homeloan business to Pepper. Where Nua and Start come into the equation is puzzling.
But I think the question that needs to be asked is how/why a sub prime mortgage was advised in the first place.
Here's an interesting thread from the UK regarding GE money secret commissions
G E Money and Secret Commissions
Hi, Just to let you know that I am about to issue 2 Claims against GE Money (then Ocwen) for 2 secured loans taken out on our house in 1999/2000. These claims are possible because, after a professional audit, it was clear that we paid both a stated commission and secret commission on each loan. O...
www.consumeractiongroup.co.uk
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Thanks Brendan I will indeed thank you