Pepper to offer fixed repayments to "customers under pressure"

[Brendan Burgess]

Moderator's note: the headline of the Irish Independent article is incorrect: Pepper are offering "fixed reduced monthly repayments", not fixed rates, to struggling customers.

Company operating on behalf of vulture funds to offer fixed rate mortgages to under-pressure borrowers

Mortgage servicing company Pepper, which operates on behalf of vulture funds, said it will offer fixed mortgage repayments to customers unable to cope with multiple interest rate rises. Loan servicers generally do not offer fixed rates, with huge numbers of borrowers on high-cost variables instead.

www.independent.ie

Mortgage servicing company Pepper, which operates on behalf of vulture funds, said it will offer fixed mortgage repayments to customers unable to cope with multiple interest rate rises. Loan servicers generally do not offer fixed rates, with huge numbers of borrowers on high-cost variables instead.

Pepper also said it will lower interest rates for under-pressure customers, and is setting up a new dedicated support unit to help customers hit hard by rate rises, the Irish Independent has learned.

Pepper services around 60,000 mortgages, which are ultimately owned by vulture funds.

 

[Brendan Burgess]

Pepper has an FAQ on its website relating to the increases in interest rates.

European Central Bank (ECB) Interest Rate increase – FAQ

European Central Bank (ECB) Interest Rate increase – FAQ

www.peppergroup.ie

There is no mention of fixed rates for any borrower, whether they are in arrears or not.

We offer one of the broadest range of temporary and longer-term forbearance solutions in the Irish market. These solutions may include fixed reduced monthly repayments, interest only repayments, loan term extensions, arrears capitalisations or interest rate discounts.

 

[RedOnion]

They never said they'd offer fixed rates, but "fixed repayments". Which is a bit misleading.