Has anyone switched mortgage from Pepper recently? How long did it take to obtain deeds? I am switching a former Danske variable rate mortgage (just gone up to 7.55%) to PTSB 5 year fixed rate @ 4.35%. I'm only about 4 weeks in at this point but I had heard switching from Pepper was slow and was wondering what sort of timeline others had experienced.
Switching from Pepper - timeline for deeds?
- Thread starter SoandSo
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Just adding my mortgage switch timeline from Pepper to PTSB in case it helps someone in the future switching from Pepper, it took 10 weeks in total from application stage and overall I found Pepper absolutely fine to deal with. I had delays due to switching existing mortgage protection policy but no delays from Pepper side. I had no arrears / split mortgage situation, it was a Danske bank variable rate mortgage originally and at the time it went to Pepper I was in negative equity. I should really have switched a few years back when back in equity but hindsight is 20/20.
14th March - Applied online to PTSB for mortgage switch
21st March - Approved in principle by PTSB
28th March - Property valuation completed
6th April - Loan offer from PTSB
8th April - Solicitor requested redemption figure from Pepper and title deeds
20th April - Redemption figure received from Pepper
8th May - Solicitor received title deeds from Pepper
9th May - Signed new loan forms for PTSB
16th May - drawdown of new PTSB mortgage
18th May - solicitor got updated redemption figure from Pepper and made funds transfer
22nd May - Pepper mortgage showing clear online, cancelled my direct debit to Pepper
TBC - just waiting on PTSB cashback now which should take approx 40 days from drawdown
14th March - Applied online to PTSB for mortgage switch
21st March - Approved in principle by PTSB
28th March - Property valuation completed
6th April - Loan offer from PTSB
8th April - Solicitor requested redemption figure from Pepper and title deeds
20th April - Redemption figure received from Pepper
8th May - Solicitor received title deeds from Pepper
9th May - Signed new loan forms for PTSB
16th May - drawdown of new PTSB mortgage
18th May - solicitor got updated redemption figure from Pepper and made funds transfer
22nd May - Pepper mortgage showing clear online, cancelled my direct debit to Pepper
TBC - just waiting on PTSB cashback now which should take approx 40 days from drawdown
Brendan Burgess
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SoandSo
That is very interesting and very helpful.
Am I right in saying that there is no urgency in the redemption figure as long as you have a reasonable idea of what it is?
You drew down the funds from ptsb and cleared the Pepper mortgage before you got the exact figure.
Brendan
Hi Brendan,
Yes you are correct, I got my balance at end March from Pepper myself and I applied for this figure with PTSB for the mortgage switch. This is the amount they approved me for and this is the amount that was drawn down. It turned out to be in excess of the redemption figure as it took 10 weeks to go through and I had made payments and incurred interest during this time. I decided against querying/updating the new mortgage figure to prevent any delays. Its probably not the right way to do it, its my first time going through a mortgage switch so I am not sure what is the normal process. My solicitor ended up with about €1200 excess balance from PTSB after payment to Pepper was completed and we used this to pay his fees and I just had a very small balance to pay him then.
Yes you are correct, I got my balance at end March from Pepper myself and I applied for this figure with PTSB for the mortgage switch. This is the amount they approved me for and this is the amount that was drawn down. It turned out to be in excess of the redemption figure as it took 10 weeks to go through and I had made payments and incurred interest during this time. I decided against querying/updating the new mortgage figure to prevent any delays. Its probably not the right way to do it, its my first time going through a mortgage switch so I am not sure what is the normal process. My solicitor ended up with about €1200 excess balance from PTSB after payment to Pepper was completed and we used this to pay his fees and I just had a very small balance to pay him then.