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Ptsb mortgage taken over by Pepper Vulture funds

  • 02-08-2023 10:50am
    #1
    Halladubha72
    Registered Users Posts: 37 ✭


    Hi, can you negotiate with Pepper to pay them off. I had a mortgagee with ptsb on investment home, interest only, tracker rate. Never in arrears but was interest only still 15 years on. Then pepper took over. Now, the council have made me an offer to buy my house which just about covers what I owe but at least I'll be rid of this headache. But before I accept the offer should I negotiate with pepper to lower the amount I owe if I pay it off now???? I'm not very knowledgeable in this field. Any advice would be appreciated but I may move fast as I don't want to lose the offer from the council.



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,364 Mod ✭✭✭✭Jim2007


    The only way you could sell the property without the agreement of Pepper is if you were in a position to fully pay off all that is outstanding including penalties etc... otherwise you will need their agreement. So it would be better to keep them in the loop and by doing so ensure that the buyer does not walk away because of some kind of screw up in the process.

    In terms of negotiating a reduction, it is hard to say... you are dealing with professionals so they are obviously going to know you have come into cash somehow and there is a good chance they are about to get a large chunk of their money back without much effort. As with all negotiations, you are going to have to present your proposal as having a big advantage for them...



  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 13,598 ✭✭✭✭Geuze


    I can't see any reason why the lender would give you a reduction on the outstanding balance, given that the value of the house asset is enough to repay the mortgage.



  • #4
    pat_sconce
    Registered Users, Registered Users 2 Posts: 172 ✭✭pat_sconce


    Remember, if you get a reduction (unlikely if you have a good record) , it may affect your credit record as a "settlement below value".

    The chances are the investment fund paid close to value for your mortgage. A very bad payer balanced it out.

    So as you have a good record it is very unlikely you could negotiate a discount and remember, trackers are very profitable to the banks these days.



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