ptsb sold my loan to Pepper, want to trade up

Discussion in 'Mortgage arrears & negative equity case studies' started by Flynn3, 10 Feb 2019.

  1. Flynn3

    Flynn3 New Member

    Last edited by a moderator: 11 Feb 2019
    Split from another thread - Flynn's mortgage has been sold to Pepper

    I’m in a slightly different situation in that my situation has improved to the point that I can clear my mortgage. I wanted to trade up but am hamstrung in that I can’t get another mortgage due to the current ICB rating with the warehoused portion of my mortgage. My fear was if I sold my current home and cleared the mortgage, the banks would not loan me the new larger sum to trade up. So I have been servicing my current mortgage as is and trying to save separately to buy a new larger home in the coming years. I have tried to deal with the bank before to clear the loan but got nowhere or either I didn’t go about the right way. Would I be better to approach PTSB again to look to clear my loan before they sale to pepper or approach pepper after the sale goes though. Thanks.
    Last edited by a moderator: 11 Feb 2019
  2. Brendan Burgess

    Brendan Burgess Founder

    You have a split mortgage.
    You have the full cash to clear your mortgage so you will end up owning your home mortgage-free.

    This makes very little sense to me.
    When your circumstances improved, you should have stopped the split mortgage immediately, so that your credit record would start improving.

    Eh, all you need to do is to walk into the bank and pay a cheque over to clear the mortgage.

    It might be a little bit more difficult now given that the loan is in transition.

    How much cash do you have?
    What is the price of the new house you want to buy?
    Do you have a cheap tracker or an SVR mortgage?

    It is best to provide all the information in one post:

    Information required for mortgage arrears and negative equity questions