updated title: Switched from a vulture fund to Bank of Ireland

A

Anon2013

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Hi all,

After a very stressful time we secured a successful PIA 2 years ago. It was for 12 months and we are now a further 12 months post PIA. Our mortgage was sold off by PTSB pre PIA and our mortgage is now with Start Mortgages at 3% variable rate. With the current discussion around fixing rates I contacted Start to see if we could fix our rate with them, the reply was they are not currently lending.
Our house is now out of negative equity with a LTV of approx 70%.
Does anyone know if a previous PIA would negatively impact our chances of moving to another lender or has anyone any experience of same. I am contemplating contacting a broker.
Thanks
 
I would imagine your CCR record will reflect the PIA. I think all actions on an existing loan will be recorded and only removed from your record 5 years after the loan is closed.

Obviously having had to restructure a loan will be unlikely to count towards your cause. However, the fact you've 24 months evidence of repayments may outweigh this. Really depends on the individual lenders rule.

A mortgage broker who can present your case in the best light to multiple lenders is possibly your best bet.
 
The only lender who might consider you is Bank of Ireland but their rates are high, so it's probably not worth switching.

Have you a split mortgage by any chance?

Brendan
 
Before proceeding any further you should seek written advice from your PIP as to whether any change of mortgage provider would lead to a "clawback" of any mortgage that might have been written off in the PIA.. Having said that, Start may allow you to pay off the mortgage "early" without charging a clawback.

Jim Stafford
 
skrooge said:
I would imagine your CCR record will reflect the PIA. I think all actions on an existing loan will be recorded and only removed from your record 5 years after the loan is closed.

Obviously having had to restructure a loan will be unlikely to count towards your cause. However, the fact you've 24 months evidence of repayments may outweigh this. Really depends on the individual lenders rule.

A mortgage broker who can present your case in the best light to multiple lenders is possibly
Click to expand...
Thanks for the replies above. No split mortgage. And im also pretty sure there was no claw back..i did ask if we could change providers when our then credit rating improved and I was never advised of any claw back.
As mentioned above I will discuss it with a broker.
Thank you
 
Last edited:
Hi everyone, I was going to start a new thread but thought it would be best to update this one.
We have secured a loan offer to switch our mortgage to Bank of Ireland !!!
Honestly cant describe the relief.
Its been a long road, we fell into arrears during the recession(2010)..paid interest only but when we returned to employment were unable to meet repayments plus arrears with PTSB. We entered a PIA and extended the term of our mortgage but we were sold to Start Mortgages and then interest rates started to rise..

As above I contacted Start but they refused to fix our rate. We got excellent help from a Mortgage Advisor at BOI and I secured a promotion in work to able to meet the repayment capacity.
We had a few options but decided on a fixed rate for 4 years with BOI 3.85% and already signed our paperwork.
Our repayment will drop by €400pm approx and we are committed to over paying slightly to knock a few years off.

Thanks to everyone for advice over the years and to anyone with a vulture fund please research other options, there is light at the end of the tunnel.
 
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