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?
Switching to a different lender
- Thread starter Kiwigirl
- Start date
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.
Receiving WFP isn't a negative. However having income low enough to qualify for the payment is.
Blackrock1
Registered User
- Messages
- 1,489
what interest rate are you paying and what rate do you hope to get, or are you looking to increase the term?
Brendan Burgess
Founder
- Messages
- 52,117
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?
Brendan Burgess
Founder
- Messages
- 52,117
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.
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.
Brendan Burgess
Founder
- Messages
- 52,117
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
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
Thanks for your reply.
Brendan Burgess
Founder
- Messages
- 52,117
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.
Last edited:
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.
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.
Last edited: