Bank of Scotland looking to sell mortgage loan book

Still seem all very vague even if it does happen. I have a Mortgage with BOS and have been servicing it without fail so far.

If they do sell their loan book will I see any benefit? Will they offer me a big discount to settle my mortgage or is it more likely to be of benefit to people who are in arrears and can't continue paying their mortgage and may have to sell?
 
Are you likely to be in a position to clear it, I have come across cases where they are offering discounts at the moment, non arrears cases.
 
HI Wbbs


Are you likely to be in a position to clear it, I have come across cases where they are offering discounts at the moment, non arrears cases.
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What percent discount? Do people apply to Certus?

Marion
 
wbbs said:
Are you likely to be in a position to clear it, I have come across cases where they are offering discounts at the moment, non arrears cases.
Click to expand...

If there was a big enough discount offered then probably yes. It would have to be something like a 50%+ discount. I'm not even sure if that is realistic as i have no knowledge of how these situations work.
 
Does anyone know of anyone that got a write down and how much of a write was it percentage wise on any mortgage with any bank,
 
Ulsterbank have reportedly been looking to sell off a load of their Irish loans too . I took out a 100% mortgage in 2006 . It's an offset mortgage linked to the ECB 1.15% which is quite nice for me especially seeing some of the variable rates going around . May be one of those loss making loans that the banks would like off their books!

Adox , I have heard that if they sell off your loan without your permission (if there is no provision for them to sell it in your contract) then you may be entitled to some form of pay off . It's worth checking out whether your bank has already sold it on .
I'm waiting to hear back from ulsterbank securities dept. about mine.
 
Hi Paul,

Do you have a news link to UB seeking to sell off part of their their Irish mortgage book ?

Thanks,

K
 
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While there is much talk of a possible discount surely there is the risk that the new owners of the Mortgage will simply take steps to realise their security which has happened in the case of some well known hotels or am i missing something?
 
I would guess any new owner would still be bound by any MARP process etc?
 
^^ Kine . Hi Kine , I'm new to askaboutmoney and not allowed to post urls.
There is a link on finance magazine .com from late 2007 , €3.9 bn Irish Residential mortgages sold off as securities


Also , if you google Celtic Residential Irish mortgage securitisation , theres a PDF link from 2006 is possibly the lead-up to the 2007 sell-off

And independent .ie has an article from March ( non core loans sell off , mostly investment loans)


I have no experience in all this but from what I'm reading it seems that Ulsterbank are really struggling in ireland and it looks like they can't get away quick enough!
 
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