BOS-I sold to Pepper

N

nmda123

Registered User
Messages
4
Hi,

I'm sure many of you are in a similar situation as I am and I am trying to find any further information on the sale above - Bank of Scotland Ireland to Pepper.

I have had a mortgage with BoS-I (originally Halifax) for over 10 years, no payments missed - I haven't bothered them and they have left me alone! Their variable interest rate has also been quite good and is lower than anything available on the Irish market. As a result, we have been able to meet the repayments on the mortgage and still live!

However, with the sale to Pepper I am concerned. The rates on the Pepper website are significantly higher than what we are currently paying to BoS-I and I am worried that in a month or so, I'll get a letter saying my interest rate has been increased by, say 1 or 1.5%. This will seriously impact my ability to pay the mortgage.

I'm sure some people will respond to say that as Pepper now own the mortgage, they can do what they like. I just want to get an idea of what may lie ahead and if I have any protection from them doing that? Has anyone else had a variable rate mortgage transferred to them and were there then big changes to the interest rates charged?

Any help would be appreciated, thanks!
 
Hi, I'm another one of the homeowners who have had their mortgage sold. Like you I've never missed a payment. I'm actually on a tracker mortgage so I'm in a better position in that my rate is set a percentage above the ecb rate.

I just wanted to clarify something for you. Pepper have not bought your mortgage. They only hold it on trust for an entity called Eirimon Home Loans which is a subsidiary of Barclays Bank. This company was set up mere days before the sale of the loan book. I have been asked to provide a certified copy of my passport and bills to prove my identity to pepper. Going forward I intend to put in a data protection request to see what information pepper hold on me. Due to the fact that the loan was held by Bosi and then administered by certus on their exit from the irish market and later pepper I am actually quite concerned about the whereabouts of the deeds to the property. I am going to make a request to view the deeds to my property to satisfy myself as to their whereabouts. I'm gutted that my loan has been sold. If I were you I would look to remortgage elsewhere if they put the rate up.
 
nmda123 said:
However, with the sale to Pepper I am concerned. The rates on the Pepper website are significantly higher than what we are currently paying to BoS-I and I am worried that in a month or so, I'll get a letter saying my interest rate has been increased by, say 1 or 1.5%. This will seriously impact my ability to pay the mortgage.
Click to expand...

Are you in a position to switch to another lender?

Brendan
 
Hi Brendan and MrsMoo,

I was meant to be on a tracker (was meant to roll to that after a few years fixed), but I am not - that is a long story (paperwork different to verbal discussions), I'm not going in to here.

To date, I had been happy with Halifax/BoSI as when there was an ecb rate drop (obviously going back a while!) they dropped their variable rate and it has not moved since. This is my concern as what is not clear is the approach Pepper/Eirimon/Barclays. If they take the approach of BoSI and leave the low rate that is there, then I am happy. In any of the correspondence with me, nothing has been mentioned about interest rates, but I assume they can do what they like? As my current rate is more than 1% less than the average rates being levied by Pepper and others, they, presumably, could increase the rate and I have no come back.

As regards going anywhere else, I wouldn't get the rate I am on and any new rate would likely be the same as what Pepper may charge. To make matters worse, if you can believe it, I am still in negative equity since 2007!

I guess I am stuck and just have to keep my fingers crossed and my head down!

MrsMoo, I would be interested to hear how you get on regarding the deeds of the house - that was something I had not considered.

Thanks
 
cremeegg said:
According to the shorter Creemeeg universal dictionary, Eirimon: is Latin for "in the money in Eire"
Click to expand...
They won't be in the money with the tracker rate I have, far from it !!!.

Nmda it's sounds to me like you should put in a data access request yourself. You need to find the facility letter as that will set out the terms and conditions of your loan offer. If your tracker rate is set out in this then you are entitled to that facility.
 
You must log in or register to reply here.
Back
Top