Switching to a different lender

K

Kiwigirl

Registered User
Messages
19
This is a bit long winded but I will try to summarise our situation. Our mortgage was sold from ptsb to pepper. We are crucified with payments at the moment. I am in the process of applying for a credit report & then forwarding onto doddl. They will revert back to us then afterwards with the next step we need to do. I am receiving working family payment at the moment & it is due for renewal shortly. I only work a 4 day week so can get this payment. My husband is self employed & is very busy with his work. When a potential new lender looks at our income & expenditure does it look bad that we are receiving wfp?
 
Kiwigirl said:
When a potential new lender looks at our income & expenditure does it look bad that we are receiving wfp?
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They'll be more focused on your overall household finances, ability to service a loan, and your credit history. If your mortgage is still classified as a restructured loan then I suspect that it will be difficult to impossible to move.
 
what interest rate are you paying and what rate do you hope to get, or are you looking to increase the term?
 
Kiwigirl said:
Our mortgage was sold from ptsb to pepper.
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If it was sold , then it was either in arrears or restructured.

If you have not cleared the arrears and moved on from the restructure, then you are stuck.

This is the key issue and you need to explain the credit history before worrying about anything else.

Brendan
 
I’ve posted previously on our situation. To summarise again our mortgage was previously with ptsb & then sold onto pepper as we were paying interest only for a period of time. It has gone up by 300 monthly since October. I got credit reports for me & my husband & sent them off to doddl. It was a waste of time as they said because of paying interest only no lender would be prepared to make us an offer. I see Avant are offering to fix people’s mortgages for the the remainder of its term & cover legal fees too. Would it be worthwhile contacting them? Is there any possibility that Pepper will eventually offer people fixed rates as a result of the recent court case?
 
1) Doddl is correct. As you have a restructured mortgage no lender will take you on.
2) Avant is more selective than the other lenders, so you have no chance at all with them.
3) The recent court case has no implications for others - although people who apply for PIAs may find that their PIP plays hardball with Pepper
4) If you are in a position to exit the interest-only arrangement and pay full capital and interest, you will be able to switch in time.
 
Sorry, it's not clear to me whether your mortgage is currently restructured or not.

Are you paying full capital and interest now? If so, when did you resume full repayments?

Brendan
 
There seem to be at least four threads by the original poster on this issue so far...

Switching to a different lender

This is a bit long winded but I will try to summarise our situation. Our mortgage was sold from ptsb to pepper. We are crucified with payments at the moment. I am in the process of applying for a credit report & then forwarding onto doddl. They will revert back to us then afterwards with the...
www.askaboutmoney.com

Broker not returning calls etc

I have been in contact with a broker since last January re switching my mortgage to a different lender. Doesn’t reply to calls or text messages if I have a query. Extremely frustrating, not good enough in my opinion
www.askaboutmoney.com

Broker in Galway/Mayo

I recently contacted a broker to enquire about switching providers. As we are witH Pepper & paying high interest rates. I gave him my email address & 2 weeks later i hadn’t heard back from him so I contacted him again re sending on a checklist of everything we need to be doing. Received...
www.askaboutmoney.com

Key Post - I have a tracker managed by Pepper – should I keep it or switch lender?

Moderator's note: If your mortgage is with Pepper, you do not have the option of fixing your rate (unless you switch to another lender and give up your tracker). However, in December 2022 Pepper said that it would allow some of its customers to fix their monthly repayments. (This is not the...
www.askaboutmoney.com
 
Kiwigirl said:
Thanks for your reply.
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Instead of just thanking him, why not answer @Brendan Burgess's pertinent and clear questions?
It would be much more efficient in terms of getting useful feedback.
Brendan Burgess said:
Sorry, it's not clear to me whether your mortgage is currently restructured or not.

Are you paying full capital and interest now? If so, when did you resume full repayments?

Brendan
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Hello, I was in contact with Doddl last year regarding switching my mortgage. They said if I wait until 2024 I should be able to switch. We were paying interest only for a period of time but that is over 5 years ago now. My question is when I approach a new lender can I still use my credit reports from last year or should I apply for new ones now again. Sorry this is probably a stupid question but I genuinely don’t know about it? Thanks & I appreciate any replies
 
Potential lenders will want to see your latest credit record. They will apply to the CCR directly, you do not need to furnish them with a copy

You can of course requests your own copy from the CCR. It might be a good place to start. That way you can see if it's worth your while proceeding.
 
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Thanks very much for your reply. I hate the thoughts of applying for them again as gathering the paperwork etc..
 
Hello everyone, we should be able to look into switching our mortgage now as we’re gone past the 5 year period where our mortgage was restructured. Just recently we were 2 weeks late paying our mortgage for April & May. Silly question but will this go against us when switching? Does anyone know if the interest rates will start to come down soon?
 
Kiwigirl said:
Just recently we were 2 weeks late paying our mortgage for April & May. Silly question but will this go against us when switching?
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You can request a free Credit Report here. That will give you your credit score and list any missed payments etc. That is what lenders will look at to determine suitability.
 
Once a mortgage is paid within the month it is due, then no adverse report is made.

You can also request a date change to better suit income dates. Most banks will allow any date up to the 28th - though the drawback of a late date is if you miss the payment you only have until 30th/31st (28th in Feb) to get it paid without it being reported to the register
 
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