Buy to let mortgage review after 12 years

Metatron

Registered User
Messages
58
I think Walter Odlum solicitors took a test case on behalf of PTSB borrowers on this very issue and won.
 

George12

Frequent Poster
Messages
44
I think this round of letters is more to do with the bigger picture of paying off capital. Walter Odlum focused more on the appropriate interest rate to be applied.
 

Deaneo

New Member
Messages
6
Is it a buy to let?

Does clause 7 exist?
"Clause 7: “Permanent tsb reserves the right to review the deferral of the repayment of principal at any time during the term of the loan, including the first three years of the term and may require the applicant to cease the interest-only repayment and require the repayment of principal and interest and the applicant will immediately arrange to pay the revised monthly repayment comprising the repayment of principal and interest calculated over the remaining term so that the principal and interest will be discharged within the existing term of the loan."
Yes and Yes to both questions. Who can provide me with a review of the paperwork & a definitive Yes/No?
 

RedOnion

Frequent Poster
Messages
3,778
There have been court cases over the clause. I can't see you getting much benefit from someone looking at it.

Have a look at the following thread. Someone who's been through the process you're now presented with:
 

Deaneo

New Member
Messages
6
There have been court cases over the clause. I can't see you getting much benefit from someone looking at it.

Have a look at the following thread. Someone who's been through the process you're now presented with:
Hi There,

Thanks for the info - saw it before and the person volunteered the disclosure of personal financial info which seems compulsory - again under the threat of being switched to Capitol & Interest. Depending on IF they can or cannot make such a switch will determine my response.
 

Deaneo

New Member
Messages
6
Update on my post. I contacted PTSB by phone, they were looking to see if I could repay at end of mortgage. Filled out mortgage review form, included all income, proof of sufficient savings to cover any potential loss on property, proof of 2 sales of similar property from property register. Sent it all off. They came back to me within 2 days of posting by telephone. Gave me the all clear, told me there now will be 2 year reviews for remaining of mortgage. All worked out well and they did not touch my tracker mortgage or the rate.
Happy days! :)
Hi,

I saw your post & am in the same situation - I received a similar letter with the same options. What was their focus in your communications with them by phone and did they threaten you with a switch to Capitol & Interest payments?
Thanks
 

suicra05

Frequent Poster
Messages
216
Hi,

I saw your post & am in the same situation - I received a similar letter with the same options. What was their focus in your communications with them by phone and did they threaten you with a switch to Capitol & Interest payments?
Thanks
I phoned and they were actually very helpful. They did not threaten to switch me to Capital and Interest.
 

Deaneo

New Member
Messages
6
I phoned and they were actually very helpful. They did not threaten to switch me to Capital and Interest.
Hi,

Many thanks for your reply. I contacted them (by phone) and they clarified what they needed & their position. Their focus seems to identify mortgages that are in bad shape (negative equity) and in need to additional resources in order to secure the debt(s) in question. We agreed to disagree on some issues and I await their review outcome. Like you there will be similar follow-up reviews every 2 years or so.

I also asked if PTSB are likely to encourage customers to clear mortgages & offer discounted full & final settlements? No was the current position so I suggested Management should re-consider this as an option for those who have the means...
 
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