Start Mortgages buys ptsb loans

Brendan Burgess

Brendan Burgess

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Which ptsb mortgages have been sold?

https://www.rte.ie/news/business/2018/0731/982258-ptsb-loans-mortgage/

Permanent TSB has agreed to sell its controversial Project Glas loan portfolio to Start Mortgages - an affiliate of the so-called vulture fund Lone Star - for around €1.3 billion.

The portfolio contains around 10,700 non-performing loans, 7,400 of which are owner-occupier mortgages.

PTSB said of the 7,400 owner-occupier mortgages, 2,500 of those accounts are classified as "not co-operating", adding a further 3,850 accounts have either "refused treatments" or "the account has failed to operate in line with the agreed 'Treatment'".
 
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This is an interesting development.

1) Investec sold the company, Start Mortgages, to Lone Star in Sept 2014
2) Start sold its performing mortgages to Bank of Ireland in Sept 2016
https://www.thetimes.co.uk/article/boi-buys-up-start-loans-off-lone-star-bp6cp2zln
3) Now Start has bought more non-peforming loans from ptsb.

My gut feeling is that Start is more efficient at managing defaulting loans than ptsb and so may be able to get better outcomes for themselves and for the borrowers.

Brendan
 
Hi there

Does anyone know if split mortgages are included or accounts that are currently in legal proceedings against the bank re tracker issues, in the sale? All articles are a bit wishy washy or is it a case of wait and see if a letter drops?
 
I rang ptsb I am not included, they said letters are going out tomorrow to those who have been sold
 
Hi Bellewell

The performing split mortgages were removed from the sale.

But if you have a split which is in deep arrears you are probably included.

The tracker one is interesting. It would be difficult for them to sell a mortgage subject to legal proceedings. But maybe they have done so.

Brendan
 
Gave them a bell today and we are not included, was all geared up for the usual we can’t tell you but you will receive a letter soon if you are script but was a simple no your not included.
 
I have two buy to lets with PTSB, one approx 80k negative equity the other approx 45k negative, I have interest only splits on both for past 3 years, all agreed payments made since then. It took two years of stress and anxiety which nearly ended my life to finally agree a workable split as PTSB kept changing their mind. Around 60% of both mortgages are warehoused for the forseeable so I assume these mortgages are classed as non performing. I haven't recieved a letter yet, but again the stress and anxiety is terrible, I can't imagine what it's like for those who are trying to stay in their homes. Regardless of what happens I think it is absolutely disgusting that 1000,s of homeowners weren't contacted by PTSB about the sale of their mortgage before they went public with it.
 
First time poster but hoping I get more answers here than I did with the bank. Have arrears on mortgage. Have been in treatments with the bank. Last treatment ended in June. Was in position to pay repayments in full and a little extra. Call last week saying they are happy with this. Called today as still had not recieved paperwork for new restructure. They said posting today. I asked if they knew if I was affected by sale. They confirmed I was. Long story short nobody could tell me that at the end of the 6 months agreement to put permanent restructure in place if start have to honour it. Ptsb said they don't know and might be Tuesday before I have an answer.
Can anyone tell me if at the end of the 6months trial if start will implement the restructure PTSB offered.
 
Phoned p tsb and I'm not one of those affected thankfully. I'm in a tracker dispute, maybe that was a factor, I must admit it caused me some worry and not to say am out of the woods yet, best of luck to all involved.
 
Theonlywayisup said:
They confirmed I was. Long story short nobody could tell me that at the end of the 6 months agreement to put permanent restructure in place if start have to honour it.
Click to expand...

The sale of your mortgage does not affect any legal agreements you have.

So if you have been offered and if you have accepted a permanent restructure and if you are adhering to the terms it will not be affected.

Likewise, if you are in a temporary restructure for 6 months, Start will honour that. However, when it's up Start will deal with you rather than ptsb.

Brendan
 
Thanks for that Brendan.

So basically the 6month period the bank are getting us to sign (it was with a view to the permanent rrstuctrest being put in place once 6 months were up) is all we get.

If the bank were willing to put this agreement in place after 6 months what are the chances of Start allowing what the bank proposed.

I'm feeling sick at the thought of finally getting it sorted only to have to start again with the stress and worry.

Will it stand to the case that we have been engaging, paying something, and bank had been willing to work with us?
 
Yes, you are just entering into a 6 month agreement. Unless they write into the agreement "At the end of the 6 months, we will capitalise the arrears and extend the term by 5 years...".

Start is interested in turning non-performing loans into performing loans. So there is a good chance that you will get a deal and in time, your performing mortgage will be sold on again to someone like Bank of Ireland.

Start sold some of its performing mortgages to Bank of Ireland in 2016
 
Brendan that's a good read in the yimes. Gives me a little hope.

Thanks for your response to me.

One last question. I have a tracker. Is this something that they can take from us?
 
So phoned today letter in post confirming are mortgage was included in sale I stupidly believed we would be ok because we have been honouring a split agreement with the bank for over a year is there any hope of keeping this split im so confused getting diffrent answers from sorces do start have an obligation.to keep.this agreement the IMHO have told me yes but other sources no im.beyond devasted to start this battle all over again can someone explain why some splits were included reading from.above it May be due to.having arrears on the loan
 
Cgleeson said:
May be due to.having arrears on the loan
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Performing split mortgages on family homes were not sold. It had been planned to sell them but they changed their mind. (performing split mortgages on buy to lets were sold.)

If they have given you a split mortgage and you have fallen into arrears, then it's a non-peforming loan and so it has been sold.

Your split will be for a period of three years and then reviewed. Start will review it in time.

Of course, in the meantime, if you are in arrears on a split mortgage, it's very likely that your mortgage is not sustainable.

Brendan
 
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I'm shocked, just recieved post. PTSB have sold my restructured BTL mortgages which is dissapointing as we've been on restructure for 3 years. The shock is they've also sold my Home mortgage, no arrears, no problems making payments has never been in any trouble in fact home mortgage has a small amount pre-paid. Why would they have done this?
 
They probably look at the overall account as non performing.

You have nothing to worry about if you are meeting the terms of your restructure.

There is a small chance that Start might do a deal with you on the Buy to Let.

Brendan
 
Theonlywayisup said:
I have a tracker. Is this something that they can take from us?
Click to expand...

The PTSB loan sale comprised of 7,400 owner-occupier mortgages and 3,300 buy to let mortgages. Tracker mortgages may not be taken away on family homes, but may be taken away on buy to lets.

If anyone is concerned about losing their family home, they should really go and see a Personal Insolvency Practitioner. Personal Insolvency Arrangements have now been retied and tested before the High Court. One of the primary purposes of the Personal Insolvency Act 2012 is to keep people in their family homes.

I suspect that many of the loans sold will have been in arrears as at 1 January 2015, which gives the home owner an even greater chance of getting a PIA through the system, as they would be eligible for a "No Veto PIA". (See other posts on "No Veto PIA" on this forum.) There have been great deals arranged with PIA's, with mortgages extended to age 75, interest rates reduced, arrears capitalised, negative equity written off etc.

Jim Stafford
 
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