Early Bird
Registered User
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- 1
My partner and I purchased our home in 2007.
After years of struggling to meet our payments on an unmanageable interest rate we were delighted to discover we were part of the PTSB redress scheme a couple of years ago where we were rightfully put on a tracker rate of ECB + 1.1%.
Prior to that we were put on a Split Mortgage arrangement due to falling into arrears.
We were also in negative equity for many years.
Since getting the tracker rate we have gotten ourselves on somewhat of a stable financial footing.
We are now in positive equity, just, and have no arrears.
We are also still on the Split Mortgage arrangement, but are in a position to come off it.
However, we are now looking to emigrate to the US due to family reasons (from approx end 2019) and want to rent our home while we are away as opposed to selling as the tracker rate is too valuable an asset to lose.
It's also our safety net if/when we come back.
We will likely employ a Property Management company to oversee and manage our property & future tenants while we are abroad.
Our current situation is:
Main Mortgage account: €200k
Warehoused account: €108k
Any suggestions for how we should approach this with the bank?
Should we now talk to them about coming off the split arrangement?
Will they automatically make us come off it if we discuss emigration with them?
Any idea why they haven't approached us yet about coming off the split?
We are aware we will need to discuss the emigration subject with them & the revenue dept eventually.
I have read various posts on here stating banks are selling non-performing split mortgage accounts to vulture funds however another post in May confirmed that PTSB are now not selling split mortgages to vulture funds. Is there a chance this may still happen?
If there is a chance we will obviously make contact with the bank now to discuss our situation.
Would we be kept on our tracker rate or transferred to an investment loan rate if we leased?
We've reviewed our contract and it does not make any reference to potential leasing of the property nor any repercussions.
Any advice would be much appreciated.
Thanks for the excellent forum. We've been following it for years & have found it to be very relevant & informative.
After years of struggling to meet our payments on an unmanageable interest rate we were delighted to discover we were part of the PTSB redress scheme a couple of years ago where we were rightfully put on a tracker rate of ECB + 1.1%.
Prior to that we were put on a Split Mortgage arrangement due to falling into arrears.
We were also in negative equity for many years.
Since getting the tracker rate we have gotten ourselves on somewhat of a stable financial footing.
We are now in positive equity, just, and have no arrears.
We are also still on the Split Mortgage arrangement, but are in a position to come off it.
However, we are now looking to emigrate to the US due to family reasons (from approx end 2019) and want to rent our home while we are away as opposed to selling as the tracker rate is too valuable an asset to lose.
It's also our safety net if/when we come back.
We will likely employ a Property Management company to oversee and manage our property & future tenants while we are abroad.
Our current situation is:
Main Mortgage account: €200k
Warehoused account: €108k
Any suggestions for how we should approach this with the bank?
Should we now talk to them about coming off the split arrangement?
Will they automatically make us come off it if we discuss emigration with them?
Any idea why they haven't approached us yet about coming off the split?
We are aware we will need to discuss the emigration subject with them & the revenue dept eventually.
I have read various posts on here stating banks are selling non-performing split mortgage accounts to vulture funds however another post in May confirmed that PTSB are now not selling split mortgages to vulture funds. Is there a chance this may still happen?
If there is a chance we will obviously make contact with the bank now to discuss our situation.
Would we be kept on our tracker rate or transferred to an investment loan rate if we leased?
We've reviewed our contract and it does not make any reference to potential leasing of the property nor any repercussions.
Any advice would be much appreciated.
Thanks for the excellent forum. We've been following it for years & have found it to be very relevant & informative.