Can my lender stop me selling a home in positive equity?

Hi, recently got a letter from Bank saying that our mortgage has been sold to a vulture fund. We have our mortgage with the same bank for over 17 years.

We have no arrears whatsoever and our house is not in negative equity.

However we had to capitalise arrears after the crash in 2008 and got interest only during covid. That's the reason the bank said they sold our mortgage as it is non performing. Even though as I said there are no arrears on our mortgage and our property is not in negative equity


Can we sell the house while this transfer from the bank to the vulture fund is taking place?

Is there anything we can do to stop this sale from going ahead?


Thanks

1) No you can't stop the sale of your mortgage to a vulture fund.
2) No they can't stop you selling your house.

There might be some delays in getting the balance for the solicitor to clear the mortgage.

I presume you will not be borrowing more money to buy a new home? It is unlikely that you will get a mortgage for a few years as your credit record is damaged.

Brendan

Thanks Brendan.

There is currently a balance of €150k on the mortgage with the bank. Would that balance be more or less the same with the vulture fund?

I'm asking because I don't know.

Thanks.

Yes, nothing has changed since it was sold , subject to the interest and repayments since then.

When the solicitor is selling your house, they need to get the final balance from the lender - it would have been the same for ptsb or whichever bank sold your loan. For some strange reason, this can sometimes take a bit of time to get. But on reflection, I don't think that it delays the sale. The other side gives your solicitor the money and your solicitor undertakes to pay it to Pepper.

Brendan

If you have not done so, your solicitor should request the title deeds of the property as soon as possible as there might be a delay in getting them during the confusion of the transfer.

Brendan

Thanks Brendan. I appreciate your advice.