Danske bank to close retail customer accounts

chughes

I'm not sure if this is relevant to this thread but are Danske Bank variable rate mortgages to be reduced like AIB, BoI etc?

kennM

Jam Jam wrote: »

Any update on this query?

Personally I haven't seen any sign of a reduction in rate along with other banks.... does it surprise me? not after the way we've been treated no

makeorbrake

kennM wrote: »

Personally I haven't seen any sign of a reduction in rate along with other banks.... does it surprise me? not after the way we've been treated no

Danske got badly burnt in IRL. They made a hasty retreat with their tail between their legs. I would imagine they simply don't care about what's left of their irish business. Therefore, unless the C.B. or Dept. of Finance makes them reduce rates, I'd be surprised if they reduced them of their own volition.

There's no reputational damage for them insofar as they don't operate here any longer (other than slowly winding down the remainder of their loan book).

Rock Steady Edy

According to The Sunday Times Business Section today, Danske is looking to sell some of its residential mortgage business.

ABC101

If they are intending to sell some.....they are intending to sell all.

clint_silver

http://www.thetimes.co.uk/article/cerberus-to-seal-bumper-danske-mortgage-deal-hx375jknp

cerberus

makeorbrake

clint_silver wrote: »

http://www.thetimes.co.uk/article/cerberus-to-seal-bumper-danske-mortgage-deal-hx375jknp

cerberus

I assume that this doesn't have any bearing on performing loans - tracker or otherwise? i.e. perhaps deals might be cut with those in arrears but for others, it will just be business as usual.

Thoie

makeorbrake wrote: »

I assume that this doesn't have any bearing on performing loans - tracker or otherwise? i.e. perhaps deals might be cut with those in arrears but for others, it will just be business as usual.

If you're keeping up with your repayments it looks like it won't make any difference, but here's an interesting article on how vulture funds deal with bad debts:
http://www.frielstafford.ie/dealing-vulture-funds/

Something I've just been wondering - when I took my mortgage out with National Irish Bank, they would have received the deeds to my property (standard with any mortgage). Who has the deeds now, and where are they likely to be?

NIB became Danske, who have handed over all dealings to Pepper Finance, and now Cerebus are coming into the picture. Is there any way to ensure the deeds haven't been misplaced along the way?

clint_silver

First of all if youre concerned youre affected ring pepper and ask them was your loan moved to cerberus.
Ive just had confirmation my own performing mortgage wasnt moved over so should be business as usual.
If it has moved then dealing with vulture funds is a finger in the air exercise. They may be looking for quick returns and accept what they paid plus a percentage, they may want the whole lot, only they will know. Youll just be a figure and a phone number to them and I suspect theyll be on you sometime in next year.
Then again they may just be happy to take your ongoing money.

ABC101

Thoie wrote: »

If you're keeping up with your repayments it looks like it won't make any difference, but here's an interesting article on how vulture funds deal with bad debts:
http://www.frielstafford.ie/dealing-vulture-funds/

Something I've just been wondering - when I took my mortgage out with National Irish Bank, they would have received the deeds to my property (standard with any mortgage). Who has the deeds now, and where are they likely to be?

NIB became Danske, who have handed over all dealings to Pepper Finance, and now Cerebus are coming into the picture. Is there any way to ensure the deeds haven't been misplaced along the way?

I believe all ROI property Deeds are held with Danske Bank in Northern Ireland, Northern Bank as it is known up there.

When a mortgage is repaid in full, you can request to have your deeds returned. Paperwork has to be filled in and etc etc etc.

However.... Northern Bank is a minnow of a bank.....and I did read a article on Seeking Alpha about Danske wanting to offload this entity to somebody else.

So what happens then? Cerberus own the loan, Pepper manage the mortgage and some building called Northern Bank which is going to be bought by some other financial institution will hold the deeds! A perfect mess for losing paperwork.

I am on a good rate, 3.15% with Danske / Pepper. But I see some of the other banks have upped the anti! Ulster Bank are offering 2.99% for example.

I was thinking of shifting my mortgage to Ulster Bank or AIB.... even if it means paying a bit more %.... just to get everything under one roof so to speak.

Thoie

ABC101 wrote: »

I believe all ROI property Deeds are held with Danske Bank in Northern Ireland, Northern Bank as it is known up there.

When a mortgage is repaid in full, you can request to have your deeds returned. Paperwork has to be filled in and etc etc etc.

However.... Northern Bank is a minnow of a bank.....and I did read a article on Seeking Alpha about Danske wanting to offload this entity to somebody else.

So what happens then? Cerberus own the loan, Pepper manage the mortgage and some building called Northern Bank which is going to be bought by some other financial institution will hold the deeds! A perfect mess for losing paperwork.

That's exactly what I'm thinking. There's nothing to say Cerebus wouldn't split things further (keep some of the debts, sell on some of the others), so god alone knows where physical papers would end up, and you can guarantee that each link in the chain would blame the other if they can't find something. Hmm.

ABC101 wrote: »

I am on a good rate, 3.15% with Danske / Pepper. But I see some of the other banks have upped the anti! Ulster Bank are offering 2.99% for example.

I was thinking of shifting my mortgage to Ulster Bank or AIB.... even if it means paying a bit more %.... just to get everything under one roof so to speak.

I'm on ECB + 0.55% with Danske, so moving elsewhere at the moment isn't worth it for me. It's a shame though - I'll need to move in the next year or so - pity I can't take it with me

ABC101

Well if you are on 0.55%... your mortgage must be fairly small by now...as repayments would have eaten into the outstanding capital fairly fast.

But 0.55%.... you ain't going to get better than that!

Toto Wolfcastle

ABC101 wrote: »

Well if you are on 0.55%... your mortgage must be fairly small by now...as repayments would have eaten into the outstanding capital fairly fast.

But 0.55%.... you ain't going to get better than that!

Well ours is 0.5% above ECB so you can get slightly better. :pac:

Fred Swanson

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