Pepper Variable Rate/Mortgage Prisoner

D

Duff123

Registered User
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30
Hello,
Just looking for anyone else's experience with Pepper and their interest rates.
We transferred from PTSB with a split mortgage on a fixed rate 3.7 %
(no arrears). This fixed rate ended last year and Pepper immediately put up our interest rate (even before ECB hike) and now nearly paying double that %. Unable to fix with Pepper and protect ourselves is scandalous! A question if anyone could answer for me, have they passed on all of the ECB rate hikes to you for those that find themselves on a variable rate with Pepper? So far they have only passed on 2% of the 3.5% (of ecb hikes on top of our base rate) to our mortgage and just wondering anyone else the same or have they passed the full 3.5% ECB hike rate to you?
Also I am curious what they are offering people if they find themselves in trouble? (Which is likely with a lot of us again on these high rates) If you would like to share experience. Our mortgage has gone up 300 euro a month since last year and I can not protect myself from more increases we are being squeezed for every penny. Looks like no one is coming to help us against these increases and need to make some tough desicions.
 
Whatever about what such mortgage funds provide in the way of assistance/further restructuring to those in difficulties, just pay what you can and, as long as it's not a complete pittance, there's most likely practically zero chance of repossession being an issue.
 
Thanks Clubman, The issue really for us is rate they are charging interest with no option to fix to try and protect ourselves we are not with Pepper by choice. Again we can't switch, never in arrears and we are nearly now paying what we would pay for full mortgage (including warehouse) if we were able to switch to high street lender. So far we paid the increase, but it is only a matter a time with further increases coming before we can't. It's not right or fair that we are being charged these rates! We just want to pay our mortgage have the option to fix at a decent rate like everyone else, and get on with our lives without a vulture fund sitting on our roof!
 
Hi Duff

I have raised this in the media, with the Central Bank and with politicians e.g. the Oireachtas Finance Committee.

But I am tired of it now, as no one actually affected by it would get off their rear end and do anything about it.

@Pepper customers - you need to get together to challenge the rates you are being charged

If you have received a letter telling you that your rate has gone up to 6.5%, don't just sit back moaning about it. If you do nothing, Pepper will just continue to hike up their rates. The Central Bank will do nothing about it. The Government will do nothing about it. You have to do it...
www.askaboutmoney.com

Do you think that the Central Bank or Michael McGrath will do anything about this unless you get a campaign going?

Brendan
 
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Hi Brendan

Yes, I seen you are a very big advocate when it comes to voicing this. I have sent emails to TD's, Spoke to Charlie Weston etc, so to say get off our rear end and do something about it, I have! There has been coverage on TV/papers and radio, Central Bank and Michael McGrath are very aware but choose to ignore. I understand and hear you when you say Pepper customers need to get together, this is easier said then done. People are very private on financial matters to go public and this is the advantage Pepper have.As you know we were promised at the time when these mortgages were forced to be sold by Central Bank that we would be protected, how is trapping us, unable to switch / fix our rate or not been offered similar variable rates of bank we originally got our mortgage from protecting us! I believe they are very aware Brendan, campaign or not they will only take real notice when they see arrears rising again due to vulture funds very high interest rates! Too little to late.

You can then say told you so!
 
Brendan Burgess said:
Do you think that the Central Bank or Michael McGrath will do anything about this unless you get a campaign going?
Click to expand...
It's the squeaky door that gets the oil.

This has been debated on other threads and it is most likely an issue that needs regulatory change (ie, legislation) rather than a pure supervisory response (Central Bank action only).

Impacted people need to petition all of their TDs in order to get any traction on this issue. I think this can be fixed by simple enough legislation. All that's needed is political will.
 
Pepper seem to be offering fixed rates (for a period) to split customers https://www.pepper-advantage.ie/siteassets/lending/documents/pepper-announcement_23.02.23.pdf

Where customers with Split mortgages have concerns on their ability to continue making repayments on the main balance due to rising interest rates, we would ask them to contact us.
We can work with these customers to explore several different options based on the customers affordability and an assessment of their individual circumstances including fixing the interest rate on the main balance for a period of time.

Have you tried switching to another lender? Totally dependent on your circumstances of course but it's not necessarily an automatic no just because you're on a split (obviously you'd be coming off the split but you mentioned you're nearly paying the full balance amount anyway?)
 
Hi Cocomo12

Thanks for your reply, I have indeed spoke to Pepper and was basically told to do something about small car loan (no other debt) to try and restructure that to free up funds or show them a letter of refusal and would only then consider a rate decrease.(Only recently got car loan so that is not an option for me to restructure) That's what they mean by exploring options!

Actively trying to switch, but the minute you mention split mortgage, brokers can't get you off the phone quick enough. We also have an issue in that our mortgage term at the moment is 19 years but if we moved to main stream lender they are basing term on partners age not mine.Those few years difference have a big impact on monthly payment.
 
I wrote to numerous TD’s all were sympathetic to my situation but not forthcoming with help! My payments have gone up €450 per month since last year.
 
Does anyone know how to go about starting a campaign? I’ve spoken to Money Sherpa and put myself forward to speak to the media. Nobody is helping we need to get loud! I can’t take anymore increases!!
 
Unionk said:
Does anyone know how to go about starting a campaign? I’ve spoken to Money Sherpa and put myself forward to speak to the media. Nobody is helping we need to get loud! I can’t take anymore increases!!
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@Unionk I don't know how to go about starting a campaign but suggest starting a new thread? Also, you may have seen this already but could give us some leads on who to contact https://m.independent.ie/business/c...impact-of-rate-rising-frenzy/a1656603037.html
I'm happy to be part of a campaign and assist with lobbying politicians etc but reluctant to go public in the media with a photo and details of my situation as it's unusual. Let me know what you think...2 of us get it off the ground and see who'll join us?
 
Resolution said:
@Unionk I don't know how to go about starting a campaign but suggest starting a new thread? Also, you may have seen this already but could give us some leads on who to contact https://m.independent.ie/business/c...impact-of-rate-rising-frenzy/a1656603037.html
I'm happy to be part of a campaign and assist with lobbying politicians etc but reluctant to go public in the media with a photo and details of my situation as it's unusual. Let me know what you think...2 of us get it off the ground and see who'll join us?
Click to expand...
Same, they know we are at a disadvantage not wanting to go public with financial situations that I’m sure some of our families are unaware of! My situation is a strange one with other family members involved and I need to also protect their privacy. I was advised it is anonymous you can contact them by email [email protected]. I found them very helpful.
Sounds like a plan!! Thanks for the support.
 
Unionk said:
Same, they know we are at a disadvantage not wanting to go public with financial situations that I’m sure some of our families are unaware of! My situation is a strange one with other family members involved and I need to also protect their privacy. I was advised it is anonymous you can contact them by email [email protected]. I found them very helpful.
Sounds like a plan!! Thanks for the support.
Click to expand...
Thanks for this @Unionk. I'm in a similar position re family privacy and also run a small business. I've got good advice on this forum and will contact MoneySherpa too. If you're interested in starting a new thread here and seeing if we can at least get a group behind poltical lobbying let me know.
 
Resolution said:
Thanks for this @Unionk. I'm in a similar position re family privacy and also run a small business. I've got good advice on this forum and will contact MoneySherpa too. If you're interested in starting a new thread here and seeing if we can at least get a group behind poltical lobbying let me know.
Click to expand...
Yes absolutely, once I figure out how to do it I’ll share a link!
 

Mortgage Prisoners - time to get loud!!

I think it’s time we come together and make some noise about the unfair treatment we are receiving from the constant increases from Vulture Funds. It is clear that Central Bank and the Government are not in a rush to help us! I truly believe if enough of us come together and make a much noise as...
www.askaboutmoney.com

Please join and spread the word!
 
Hi I'm just here for a little advice , I'm with pepper former PTSB customer we have a split mortgage we're now paying 7.38% interest my payments have gone up immensely, i cant switch I'm still in negative equity amount on mortgage 305k house is worth 295/300 my question is do you think a bank will look at me even though I am paying probably same if not more if I was paying full mortgage have never missed a payment at all , i was told to pay full mortgage for a year or two but with what the interest rates are that would be about 2500 a month I defo couldn't afford that does anyone have any advise for me please?
 
shinners82 said:
Hi I'm just here for a little advice , I'm with pepper former PTSB customer we have a split mortgage we're now paying 7.38% interest my payments have gone up immensely, i cant switch I'm still in negative equity amount on mortgage 305k house is worth 295/300 my question is do you think a bank will look at me even though I am paying probably same if not more if I was paying full mortgage have never missed a payment at all , i was told to pay full mortgage for a year or two but with what the interest rates are that would be about 2500 a month I defo couldn't afford that does anyone have any advise for me please?
Click to expand...
IF you are in arrears you should speak to a PIP to do a restructure and also extinguish the warehousing as well if its not affordable also
 
Raging Bull said:
IF you are in arrears you should speak to a PIP to do a restructure and also extinguish the warehousing as well if its not affordable also
Click to expand...
Hi I don’t think a PIP would work for us as we both have good paying jobs, me only in the last while surely they go off income? we could afford to pay 2000k a month at a stretch, if our interest rate was half decent we would be able to make full payments plus extra off to chip away at the loan , but 2500 plus our other normal bills would be impossible I feel like I’m stuck between a rock and a hard place, other option admit defeat and walk away
 
shinners82 said:
Hi I don’t think a PIP would work for us as we both have good paying jobs, me only in the last while surely they go off income? we could afford to pay 2000k a month at a stretch, if our interest rate was half decent we would be able to make full payments plus extra off to chip away at the loan , but 2500 plus our other normal bills would be impossible I feel like I’m stuck between a rock and a hard place, other option admit defeat and walk away
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Your income is not the primary concern but the ability of that income to service the mortgage is relevant.

You either grow income or reduce expenses. The latter being immensely difficult with high inflation. If you are a couple and you have less than 2k net between you after servicing your mortgage you are in for a rough time
 
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