Pepper Mortgages (ex-Danske Bank and new customers)

skippy2

documentary evidence of who now has proof of title..................do you mean the physical copy of the Title Deeds

what do you mean they will go quiet................ie they dont know where they are
I know a few years ago i asked and was told all docs were held in the North, Belfast possibly in DB Head office at the time as far as I remember

alig123aileen

skippy2 wrote: »

documentary evidence of who now has proof of title..................do you mean the physical copy of the Title Deeds

what do you mean they will go quiet................ie they dont know where they are
I know a few years ago i asked and was told all docs were held in the North, Belfast possibly in DB Head office at the time as far as I remember

Hi they are most likely fobbing you off. They are in Hatch St you can look them up in the central banks website on their register of intermediaries. In a lot of cases the transfer from the original lender wasn't done properly. you need to be sure you are paying the legal owner of your mortgage. Some evictions in the commercial court are being stopped completely because of this. Banks rarely have their paperwork done correctly. PM me if I can be of further help. And please don't worry.

ABC101

Been a while since I posted here, according to MSM reports that there are two US based funds I think who are in the lead to buy these loans from DB. BoI apparently are in 3rd place.

Will our original terms and conditions carry over to the new holder of the loans or will we be all facing 8% rates in 2 years time?

I'm thinking of switching to AIB as they have some attractive variable rates at the moment. I really don't like the thought of having my mortgage held by some US vulture fund.

ECB rates are not expected to rise until 2019 apparently. But BoI have some very good fixed rates.

Decisions, decisions!

makeorbrake

ABC101 wrote: »

Will our original terms and conditions carry over to the new holder of the loans or will we be all facing 8% rates in 2 years time?

What type of mortgage did you take from Danske...

ABC101

makeorbrake wrote: »

What type of mortgage did you take from Danske...

Well that's a good question! I did have the Offset Type mortgage account. I took the option of going to the variable rate at 3.15%. I think I got this rate as I had my main bank account with DB at the time, or I was a prestige customer at the time.

This worked out well as 3.15% was a very good rate in comparison to the variable rates offered by the other banks in Ireland.

However over the last while, the other banks have started to get more competitive. In addition housing has risen in value, so if I were to switch I would be in the 73% valuation which could get me onto AIB at 2.95%.

Short term AIB rates look good, but BoI rates seem better for long term positioning.

However getting back to the sale of DB loan book, I am concerned that my mortgage will be held by these US vulture funds, who do not have a good reputation and like to extract maximum.

Given the fact that I am on variable rate, I am of the opinion that they could raise me to 3.5% etc

makeorbrake

@ABC1: Looks like you were right. I got notification in this mornings post that a Danske Loan Portfolio (inclusive of my own) will transfer to Pepper Finance Corp on the 15th December 2017.

I'm on a tracker - so they can't really screw with me. Not sure how that will all play out for yourself - but I guess if it becomes uncompetitive, look at switching.

ABC101

makeorbrake wrote: »

@ABC1: Looks like you were right. I got notification in this mornings post that a Danske Loan Portfolio (inclusive of my own) will transfer to Pepper Finance Corp on the 15th December 2017.

I'm on a tracker - so they can't really screw with me. Not sure how that will all play out for yourself - but I guess if it becomes uncompetitive, look at switching.

No notification received here....yet.

Hmmm.... the plot thickens. According to your letter... Danske are selling the loan portfolio to Pepper Group.

Reading this article.... Pepper Group was sold to US private equity firm KKR.

https://www.irishtimes.com/business/financial-services/new-pepper-owners-may-seek-to-shed-irish-assets-1.3184058

And the article states that KKR may desire to offload the ex Danske loan portfolio to somebody else.

We are going to be passed around here like a unwanted animal. I sincerely hope our paperwork (deeds) are not going to get lost in all this passing of the parcel.

Personally I am very uncomfortable in having my deeds / mortgage owned by some one other than a mainstream Irish Bank. Fortunately we have options!

Time to jump ship.... methinks!

ABC101

According to this its GS PIMCO who are new masters now!!!

http://https://www.independent.ie/business/gspimco-close-in-on-danske-loan-deal-36253997.html

ABC101

Letter from Danske arrived during the week, loans are getting transferred to Pepper!

ABC101

Letter arrived for Danske just before Christmas, informing me that Danskehave transferred the portfolio to Pepper.

In effect nothing to do with them anymore.

So will a letter from Pepper arrive informing me that the folio has been sold to GS Pimco?

Bye Bye Danske!!!

I've heard on the grapevine that there is a German bank trying to get a License to operate here, they are intending to offer loans at 2.1%

Will the Irish Dept of Finance / Central bank let this German group in?

peckerhead

dolallyoh wrote: »

They employ 300 people and have no email address. Incredible.

They gave me a fax number and it turned out not to be in use. Repeatedly posted documents to the wrong address. Nightmare to deal with IME.

I think I'll write and ask them where our deeds are, too.