Pepper - SFS & Warehouse Mortgages

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Saltandpepper!

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Hi, currently have a split / warehoused mortgage with Pepper (exPTSB) - they currently come looking for a SFS to be filled in every 12 months - they say their terms allow for a periodic review and they deem this to be every 12 months.
Currently in disagreement on this point as I have a 3 year review period in my original Warehouse agreement from PTSB.

My questions are -
1 - is filling out a SFS deemed the only way for a mortgage provider to do 'periodic review'? I have engaged with Pepper each time they've sent out a SFS via phone and advised them that I am able and happy to make the current agreed payments but that I will only fill out a SFS at max every 3 years as per my original agreement.
Once I declare I am financially able to meet agreed payments is that sufficient or can they claim I am not engaging with them by not filling out a SFS?

2- If/when I fill out a SFS, if Pepper deem I can afford to increase my payments or transfer over some of the Warehoused portion can they do it without agreement from me?

Does anyone have experience of this?

Once I'm making my payments can I decide to see out the mortgage on the current terms and clear the warehoused portion at the end of the mortgage term? It's 0% interest so doesn't seem to make financial sense to move it over?

We have no intention of moving house etc in the next 20 years so we are happy to leave warehouse portion as is.

Unfortunately I didn't play County hurling

Thanks
 
Saltandpepper! said:
1 - is filling out a SFS deemed the only way for a mortgage provider to do 'periodic review'? I have engaged with Pepper each time they've sent out a SFS via phone and advised them that I am able and happy to make the current agreed payments but that I will only fill out a SFS at max every 3 years as per my original agreement.
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I presume a one-year SFS request is standard but I think they should be more than happy to receive one from you as often as once every three years. Lenders have almost no other way of knowing anything about your circumstances without your cooperation so you have power in this regard. There are tens of thousands of utterly non-cooperative mortgage holders - bear this in mind!

Otherwise I have no idea if there are thresholds/criteria for your income that would cause them to trigger increased payments. But in general the less they know the harder it is for them to act.
 
Ya, I'm happy to stay as I am and keep warehoused part until it matures.
Filling out SFS is just a pain as I've no interest in changing payments. Just wondering if they can change warehouse portion etc without agreement once I'm making agreed payments
 
MARP is a process driven process which has to comply with certain steps.

In your case, one of the key principles is that Pepper must honour your arrangement with PTSB. You need to examine, in detail, exactly what your arrangement was with PTSB. If it allowed, in the future, more regular periodic reviews, then Pepper are entitled to carry out such reviews. A SFS is the central plank of the MARP, and there can be no avoidance of it.

Jim Stafford
 
NoRegretsCoyote said:
What's the precise wording of your agreement with ptsb?
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Found my original agreement with the PTSB and the wording of review section is 'at least every 3 years' so seems Pepper can do it more often if they wish. 12 months is very short and it's annoying to be doing it so often as it's time consuming to do it correctly.

Had thought it said 'every 3 years' So looks like I will have to fill it out in some shape or form whenever they request it and be a good little pixiehead.

Will be interesting to see if they push for me to be paying more and if they want it off warehouse or active portion - planning to keep warehoused portion as long as possible especially with interest rates on the up. Between 0% interest and high inflation the warehouse portion is devaluing nicely
 
Saltandpepper! said:
'at least every 3 years'
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IANAL but to me this looks like an obligation on you to make sure an SFS is provided no less often than every three years. But it doesn't look like a right for the lender to request one sooner.

But without seeing full wording it's hard to tell.
 
A very interesting issue.

From memory, I think that the Central Bank requires lenders to review arrangements at least every three years. So that is why it's in the contract.

ptsb and the other banks used to just comply with this by asking if circumstances had changed and the borrower wrote back and said no, and the split was left untouched.

While it's reasonable for Pepper to review it every year, I don't think it's reasonable to impose the very detailed SFS on the borrower every year.

If you have sent them an SFS within the last three years , you should just reply "Thank you for your letter. I confirm that the following changes have taken place since the last SFS. Net salary increased to: . Inflation of 10% a year. So no need to change the current arrangement"

Brendan
 
You should also read this thread as some people who have split mortgages might be better off getting out of them.

Key Post - If you have a split mortgage which you no longer need...

I posted this thread in relation to borrowers with ptsb split mortgages who might not want their loans sold to a vulture fund. If you have a ptsb split mortgage, which you no longer need... But the same principles apply to borrowers with split mortgages from other lenders. If you have a...
www.askaboutmoney.com

Brendan
 
Brendan Burgess said:
A very interesting issue.

From memory, I think that the Central Bank requires lenders to review arrangements at least every three years. So that is why it's in the contract.

ptsb and the other banks used to just comply with this by asking if circumstances had changed and the borrower wrote back and said no, and the split was left untouched.

While it's reasonable for Pepper to review it every year, I don't think it's reasonable to impose the very detailed SFS on the borrower every year.

If you have sent them an SFS within the last three years , you should just reply "Thank you for your letter. I confirm that the following changes have taken place since the last SFS. Net salary increased to: . Inflation of 10% a year. So no need to change the current arrangement"

Brendan
Click to expand...
Thanks Brendan - think I will fill it out this year and then try above for the following 2 years.
 
Brendan Burgess said:
You should also read this thread as some people who have split mortgages might be better off getting out of them.

Key Post - If you have a split mortgage which you no longer need...

I posted this thread in relation to borrowers with ptsb split mortgages who might not want their loans sold to a vulture fund. If you have a ptsb split mortgage, which you no longer need... But the same principles apply to borrowers with split mortgages from other lenders. If you have a...
www.askaboutmoney.com

Brendan
Click to expand...
We have a 0.8% tracker and 25 years left so going to try and keep the warehouse for now - will review it again once the ECB stops putting up interest rates / inflation calms down to see how things look.
We not looking to trade up etc any time soon as its a self build family home. Haven't had trouble accessing smaller loans etc so far via CU despite being on split mortgage.
 
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