Advice needed -mortgage review

bluestilton

Registered User
Hi looking for some advice please.
We have two mortgages as follows:
PPR 125K balance remaining, term left 8 years 5 months, current repayments €1416 per month, interest 4.25%. PPR value approx €250k.
Buy to Let 85k balance remaining, term left 12.5 years, monthly repayments €761.
BTL sold on to pepper last December as two payments missed a couple of years ago, repayments up to date except 500 euro which will be paid off over next two months. BTL value approx 120k.

Looking at switching mortgage for PPR residence and wondering is there a possibility that Pepper might do a deal on BTL and we could cover with a new mortgage. (I have heard of individuals negotiating deals with vulture funds but don't have any concrete evidence of this nor do I know how to go about negotiating same) It would make life so much easier if we could reduce payments on both.
Thank you.
 

elcato

Moderator
Are both mortgages SVR i.e. not fixed ? If you switch your PPR you will save and even make money along the way. You should make a conscious promise to get into switch mode for the PPR. Even if you move to a fixed straight away with Ulster Bank you will be down to 2.3% and you will save 200 PER MONTH on that.
 

bluestilton

Registered User
Thank you very much for replies. PPR is with "The Bank of You" - KBC and is a SVR. The BTL rate is SVR of 5.15% and was previously with KBC, now with Pepper.. Yes have been looking at Ulster Bank.
We currently have a complaint with Ombudsman on both mortgages in relation to tracker which we had originally applied for but were changed to SVR on both accounts - long story. Possibly I should wait for outcome of that, but am also afraid rates may rise in meantime and we will be boxed in even further. Does anyone know process for negotiating deal with vulture fund - should I go to someone like P. Kissane or is it a matter of asking straight out what they would settle for.
Age would probably be against us also as we are both mid 50s, but both in permanent public service jobs.
 
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