Dealing with Vulture Fund

CoCo Dot

New Member
Messages
2
Need direction,We've recently received letters from Permanent TSB & Start Mortgages stating that our Interest Only Res. Invest Loan has exchanged ownership from 1st Feb. 2019. We have 2 rental properties relevant to this mortgage. The mortgaged term expired in Feb.2017 and at time we sought and got an extension from PTSB. for two years. We are at that point now.

We have never missed a repayment but because of restructuring, were included in the sale. We're unsure what will happen now & how quickly. We do not have the capital to hand over. Our long term goal was to place the properties on the market as and when they would achieve their original purchase price. In our SFS Statment to PTSB in 2017. We projected that the market would improved over the next 5 years. Our properties would come out of negative equity allowing us to sell the properties, repay the mortgage plus related costs and recover our initial investment. Two years into this projection that is exactly what has happened.

The properties are rented out and contracts will end in May & Sept. 2019. Our intention was to put the properties on termination of the current Tenancies. Will Start Mortgages be reasonable and agree to wait?

I'm told BTL Mortgages are treated differently in so far as the Vulture Fund can appoint a R
eceiver. How quickly, can that happen. Do we need professional representation? How does this work and what rights will we have if Start decide to appoint a Receiver?
 

Thirsty

Frequent Poster
Messages
1,986
Keep up the payments per previous agreement.
Wait till you hear from them.
If they only write for PPS/ID ignore them
If they make demands, tell them you are seeking an extension to previous agreement and keep up your payments.
Continue with your plans, sell up & be glad you got out so handily.

Edit to add: don't do anything on the phone, if they ring you tell them to put it in writing, keep a copy of any thing you send them.
 

CoCo Dot

New Member
Messages
2
Thanks for your response Thirsty. In my original post, we stated that we could be placed in the hands of a Receiver. How does the implementation of this
occur? Does that mean we have no further say in the disposal of the properties and could be sold at huge discounted price. Do we need to hire professionals to represent us?
 

RedOnion

Frequent Poster
Messages
3,132
Thanks for your response Thirsty. In my original post, we stated that we could be placed in the hands of a Receiver. How does the implementation of this
occur? Does that mean we have no further say in the disposal of the properties and could be sold at huge discounted price. Do we need to hire professionals to represent us?
AFAIK, PTSB contracts only allow for the appointment of a rent receiver.
If you're already paying over all the rent, why would they go to the expense?
Lots of threads reverent receiver if you dig around.
 

markiemark

New Member
Messages
1
I just found out today that our mortgage was transferred from Ptsb to Start Mortgages effective Feb 19. When we originally took out the mortgage we were living abroad and it looks like we got an Investor Mortgage but we have since moved home and have been living in the house which is now our home for approx the past 12 years. We missed a few payments in the past but paid all monies owed and currently have no arrears. Is it possible that Start will sell our house now because on paper it's an Investor Mortgage even though there's no arrears? I've been in contact with them today and they say everything will stay the same including the Tracker rate we're on?
 

AnnMcM

New Member
Messages
5
Hi MarkieMark,

If there is currently no arrears on your mortgage account, no other breach of your mortgage and you are paying your contractual monthly instalment, Start Mortgages have to honour your original contract with PTSB.
Should you default on the agreement then Start can take action, only legal action in your situation. I would suggest having your mortgage re-coded from BTL (buy to let) to PDH (private dwelling home). Typically you just need to provide proof you are living in the property. By law a receiver cannot be appointed to a PDH that you are residing in. Also having your mortgage coded as a PDH gives you the protections of CCMA should you have the unfortunate circumstances of going into arrears again. From the information provided no need to worry, just keep paying your mortgage.
 
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