Cerberus appoints receiver to Buy to Let

[askingafriend]

RIP Ulster Bank Tracker mortgage that has historical arrears with UB sold to Cerberus. Was on a economic concession and never missed agreed payments. Was constantly looking for UB to roll up the arrears but they never did. I was dealing with PDH issues at the time which also had arrears also a tracker. Got the PDH fully performing and no issues since.

Issue is the RIP, I am paying full capital and interest but Cerb wont allow me to pay the o/s arrears. I have an active FSPO complaint against Ulster as they never rolled up the arrears despite promising to do so and it is a tracker. They appointed a receiver and the tenancy is up next month. Cant understand how they are allowed to essentially refuse to let me pay the arrears and essentially asset grab. They want the o/s mortgage amount in full approx €500k to remove the receiver but i cant get re-financed at this level and will lose the 0.75% tracker to a 5% variable even if I could. Anyone any thoughts and previous experience on this?

 

[Brendan Burgess]

You can clear the arrears on your loan at any time and you should do so if you can.

Removing the Receiver is a separate issue.

They are not grabbing an asset. It will be sold and any surplus will be paid to you. They don't hold onto the property.

It's a tough one and it's one of these odd cases where it's better to prioritise the buy to let rather than your home as they can't do much if you don't pay your home mortgage.

You need to talk to your solicitor.

Brendan