Switch from pepper

S

sun123

New Member
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4
hi,

currently have a loan with pepper with a tracker +3.35%..
I`m hoping to move it to a fixed with a different lender.

LTV is approx 79% with 17 years left to pay
No arrears - no repayments missed
it was an interest only initially with PTSB - Pepper did restructure to capital +int 2 years ago


Are there any restrictions in doing so or anyone in a similar scenario move?

tks
 
I presume that you could move so unless a prospective lender might baulk due to the restructuring from interest only to annuity capital plus interest? Have you applied to any lenders yet? This may be of interest to you:

Best Buy - The Avant Tracker mortgage is a clear Best Buy and people should consider switching to it

Avant launched a tracker in March which they call their "Flex Mortgage". Not sure why they don't call it a tracker. It tracks the 1 year Euribor rate - which is very similar to the ECB rate which tracked by other mortgages. The margin is fixed for the life of the mortgage - 0.9% for LTV 80%...
www.askaboutmoney.com
 
I think you will be subject to normal lending criteria.

If you have the income to cover the amount and enough years to retirement, they should treat you like any other customer.

ClubMan said:
unless a prospective lender might baulk due to the restructuring from interest only to annuity capital plus interest?
Click to expand...

It would be the other way around. If you had a capital and interest mortgage and restructured to interest-only that would be a black mark on you as it would suggest you could not afford the agreed repayments. But you are paying more than the agreed repayments, so it should not be a problem.
 
yes i would have thought the same re the restructure, the only other aspect is its rented out ..- and not primary residency. does that change what mortgages i can avail off? with the rate so high the rent does not cover the repayment which is why im looking to change
 
would have made sense not to take the mortgage in the first place but here we are haha
also in my defence I thought interest only were only on BTL so thought it was clear from initial post,
thank you for all your input I guess i have my answer, stay with the vulture reluctantly.
 
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Brendan Burgess said:
It would be the other way around. If you had a capital and interest mortgage and restructured to interest-only that would be a black mark on you as it would suggest you could not afford the agreed repayments.
Click to expand...
What I meant was might some or all lenders do a cursory check (maybe an automated one?), see that the loan was restructured, and just reject a loan application automatically/immediately without looking in more detail to see that it was restructured from interest only to capital plus interest repayments?
 
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