BOSI tracker now with Pepper any discounts???

Discussion in 'Tracker mortgages - other than redress issues' started by Frank, 7 Jul 2018.

  1. Frank

    Frank Frequent Poster

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    Just got a letter yesterday to say my tracker is now with pepper

    Haven't had a chance to ring them yet.

    Somewhere I lived when we entered the drop, now a rental back in positive

    worth 215 I owe about 185
    10 years left on an interest only tracker.

    Plan was to sell up in the next few years anyway renting isn't worth the hassle.

    I was just wondering are they doing discounts for ordinary punters?

    If I could get a discount on the mortgage it could be worth getting out now.

    The tracker has to be a pain for them at 1.5% above ECB.
     
  2. Frank

    Frank Frequent Poster

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    OK update I talked to pepper

    The transfer has not happened as yet , September or October this year.

    BOS are not offering discounts currently

    There is no indication pepper will offer discounts after ;-(

    Pity only banks and big players get discount and not ordinary punters
     
  3. RedOnion

    RedOnion Frequent Poster

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    You've a performing mortgage, in positive equity, at a 1.5% margin. How much discount do you expect they sold it at?

    If you said a 0.6% tracker, in negative equity and 2 years arrears you'd have some hope...
     
  4. Frank

    Frank Frequent Poster

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    Hey worth a question,

    So do I suggest I stop paying my mortgage Red???
    Come back to them in 2 years.
     
  5. RedOnion

    RedOnion Frequent Poster

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    No, you'll risk them repossessing it as house value is more than mortgage.

    My point was the buyer fund didn't get the discount you're imagining. Your mortgage is in a portfolio of 'good' loans. Ok, the margin isn't brilliant, but it's the norm in other countries. And they've a 10 year history of you paying this, even through a crisis. They know you're good for it.
    Its a good investment. The fund that bought it have valued it at least 97% of it's value.
     
  6. Frank

    Frank Frequent Poster

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    tongue in cheek on the not paying, as you say managed it through the bad times.

    Why would BOS sell if there is money to be made even if the margin is tight or normal by rest of EU standard?
     
  7. TheFatMan

    TheFatMan Frequent Poster

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    Great question! Was pondering this myself. Have a ECB+ 0.55% tracker from BOSI going to Pepper too, never been an issue with late payment etc. We’re some of the lucky ones. Was hopping Pepper might want to make a quick turnover here on a loss leader mortgage. Under new GDPR guidelines would a mortgage holder not be entitled to know what Pepper is paying? I know the mortgages are bundled but commercially pepper would be crazy not to entertain offers and realize gains on a mortgage they are effectively going to lose on in the 10 years remaining!
     
  8. IdesofMarch

    IdesofMarch Frequent Poster

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    Where did you get that figure from?
     
  9. TheFatMan

    TheFatMan Frequent Poster

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    Agreed 97% of value would strike me as a poor deal even on performing mortgages like mine.
    I would have expected Pepper would pay 70-80% of value.
     
  10. RedOnion

    RedOnion Frequent Poster

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    Firstly, Pepper didn't buy your mortgage. A Barclays fund did.

    The OP was a 1.5% tracker, which is what my calculations were based on.

    For the fund buying it, that's worth a great deal more than your 0.55% tracker.

    Publicly available information suggests they paid 93% of par value across the entire portfolio. That's with an average margin of 0.8%, and a small percentage of non performing loans.

    If they're going to offer any deals, you've a good chance of getting one. But it probably won't be worth your while if you have to refinance elsewhere.
     
  11. Frank

    Frank Frequent Poster

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    not looking to refinance
    tired of being the most evil foul member of society according to gov and the press

    If a deal on the mortgage would allow me to sell my rental I would bail out.
    If I can clear a few dollars to dent the mortgage at home all the better.
     
    Brendan Burgess likes this.
  12. Brendan Burgess

    Brendan Burgess Founder

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    Hi Frank - a very good description of the public perception of the landlord.

    Brendan
     
    Frank likes this.