Loan Sale to Start Mortgages - February 2020


Published on 10 January 2020

Permanent tsb announced the sale of certain loans to Start Mortgages DAC (trading as Start Mortgages) on 12 September 2019. Read the full statement here.

If your loan was included in the sale, letters have been issued to confirm that the loans were transferred to Start Mortgages on 07 February 2020. 

If you have any questions in relation to the sale and transfer of your loan to Start Mortgages, our Frequently Asked Questions (FAQs) below may be of value. 

What does this mean for me?

How will I know if my loan is included in the sale?

If your loan was included in the sale, we wrote to you on 12 September 2019 notifying you of this.

Letters issued to every account holder with a loan included in the sale. This letter represented the legal notification of the sale as required under the Consumer Protection Code (CPC), and the expected transfer of loans to Start Mortgages in early 2020. 

We issued another letter on 07 February 2020 confirming that the transfer of loans to Start Mortgages has been completed.

If you did not receive a letter, but are still unsure if your loan is included in the sale, please contact our Collections and Recoveries team on 1800 855 010 or 021 601 3700 and they will be able to provide you with further information and clarification regarding the status of your loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Can I avoid my loan from being sold?

The Bank does not have a general discretion to remove loans from the sale.  However, any loan paid off in full, prior to 07 February 2020, was not transferred to Start Mortgages.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Will I still be protected by the Central Bank codes of conduct and regulations?

Yes, all customers will continue to be covered by the protections of the Central Banks consumer protection codes and regulations up to and after the transfer to Start Mortgages.

There are no changes to the terms and conditions of any loan transferring to Start Mortgages.

Why has my loan been included in the sale?

The loan was included in the sale as it was classified as a non-performing loan in line with European regulatory guidelines and definitions, for one of more of the following reasons:

  1. The loan is in arrears;
  2. The loan is linked to another loan which is in arrears;
  3. An account holder is currently in, or has been through a personal insolvency process;
  4. An account holder is currently in, or has been through a bankruptcy process;
  5. An account holder is currently agreeing a sale or surrender of a property and the proceeds are unlikely to clear the loan; or
  6. An account holder has previously agreed a sale or surrender of a property and the proceeds did not clear the loan.

In addition to one of the above, there is either a large payment falling due at maturity of the loan, or repayments are not in full or to the agreed terms of the loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date. 

I’m currently in arrears. If I settle the arrears will that stop my loan being sold?

The Bank does not have a general discretion to remove loans from the sale process and the settlement or reduction of arrears will not result in the removal of loans from the sale. 

If you are in a position to settle or reduce your arrears, you should discuss this with Start Mortgages by contacting them on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Can I settle my loan at the same price Start Mortgages has paid for my loan?

The sale did not alter or reduce the amount owing on any individual loan and the amount outstanding on your loan continues to be owed by you. 

If you wish to make a proposal to settle your loan, you can discuss this with Start Mortgages by contacting them on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm. 

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

I have not received any notification of the sale / transfer – does this mean my loan has not been sold / transferred?

If your loan was included within the sale / transfer, we wrote to you on the 12 September 2019 notifying you of this.

We issued another letter on 07 February 2020 confirming that the transfer of loans to Start Mortgages has been completed.

If you did not receive either of these letters and are still unsure whether your loan has been sold / transferred, you can speak to one of our Collections and Recoveries team on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

Repayment Queries

How can I make a payment to Start Mortgages?

Permanent TSB wrote to you on 07 February 2020 and provided details of the various payment methods available to you.  Please refer to this letter for specific details.

Start Mortgages will also write to you and provide details of the various ways you can make a payment to them.

Alternatively, if you wish to make a payment to your loan immediately, please contact the Start Mortgages Payments Team on 0818 220 666. Their lines are open from Monday to Friday 9am to 8.30pm and Saturday 9am to 4pm.

Can I continue to pay my mortgage in a permanent tsb branch?

With effect from 07 February 2020, you will no longer be able to make a payment to your mortgage in a Permanent TSB branch.  From this date, it will be necessary to complete this payment in an AIB branch using the bank details provided to you by Start Mortgages. 

I’m having issues making a payment to Start Mortgages / My payment has not been applied – who can I contact?

If you are having issues making a payment or setting up a direct debit, please contact the Start Mortgages Payments Team on 0818 220 666.  Their lines are open from Monday to Friday 9am to 8.30pm and Saturday 9am to 4pm.

Please note there may be a short delay in the processing of payments happening just before / after the transfer date (07 February 2020).  All such payments will be captured and will be applied to your account as having been made on the date on which they were initiated and there will be no detriment to customers as a result of the transfer.

Where are the deeds of my property?

The mortgage deed and title deeds of your property will be transferred to Start Mortgages.

In the event that a solicitor acting for you requires the title deeds to your property, you can instruct your solicitor to contact Start Mortgages on 01 209 6300 or 1850 818 000 (Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm) to make the required arrangements.

In the event that the title deeds are currently with a solicitor acting for you, Start Mortgages will be in contact with them to complete the appropriate documentation so that they can continue to hold the title deeds for the necessary period.

On the full repayment of your loan, Start Mortgages will look to you or your solicitor for instructions as to where the title deeds should be sent.

I’d like to speak to someone about my situation, is this possible?

After 07 February 2020, queries about your specific situation should be directed to Start Mortgages.  Start Mortgages may be contacted on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.   

Will my monthly loan payment remain the same after the transfer?

Your monthly payment will continue in line with your current terms and conditions, unless any arrangement which you may have with the bank has expired, a new arrangement is put in place with your agreement, or there is an interest rate change applicable to your loan.

If you paid any of your insurance policies as part of your mortgage repayment, then these will no longer be collected as part of your loan repayment.  We wrote to customers with insurance policies that were paid as part of their mortgage repayment in November 2019 and again in December 2019, to inform them of the need to change their payment details to pay their Insurer directly, and provided details of how they could do this.

If you have any queries in relation to the change in payment method for your insurance policy, please contact;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact Permanent TSB on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

If you have any queries in relation to the terms of your insurance policy or your wish to make a claim, please contact the Insurer on;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact AXA on 061 737373

 

I currently have an Alternative Repayment Arrangement with permanent tsb. What will happen to this agreement after the transfer?

The terms of any restructure agreement or Alternative Repayment Arrangement as agreed with Permanent TSB are unaffected by this transfer and will continue with Start Mortgages where you continue to maintain payments in line with the agreement.

Where an Alternative Repayment Arrangement is subject to a periodic review, Start Mortgages will engage with you to review your individual situation to ascertain whether your circumstances have either improved, dis-improved or remained the same, and will work with you to identify, where possible, the best sustainable long-term solution in a way that’s right for your situation.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

What do I do if I miss a payment or my circumstances have changed?

From 07 February 2020, Start Mortgages will take responsibility for working with you to find the most appropriate and sustainable solution.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

What will happen if my financial circumstances get worse and my account goes into arrears after the transfer date?

The transfer of your Loan will have no impact on the consumer protection afforded to you in relation to financial distress. If you miss a payment or believe that you are at risk of missing a payment after the transfer, you should engage with Start Mortgages at the earliest opportunity to alert them to your financial circumstances.

When dealing with borrowers, Start Mortgages is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, they are required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA).

What do I do if I’m concerned about meeting my payment obligations?

If you are concerned about your ability to meet your monthly repayments, you should engage with Start Mortgages at the earliest opportunity to alert them to your financial circumstances.  Start Mortgages may be contacted on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm. 

Queries relating to Personal Insolvency / Bankruptcy

I am currently adjudicated or have previously been adjudicated Bankrupt. How will the transfer of my loan impact my Bankruptcy?

Bankruptcy Legislation will continue to apply to any loan that is sold or transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with all applicable legislation.

You should continue to maintain repayments as per the agreed terms and conditions of your Bankruptcy, up to and after the transfer date.  If you require information regarding the terms of your Bankruptcy please contact the Insolvency Service of Ireland.

I am engaged in the Personal Insolvency Process, how will the transfer of my loan impact this?

Personal Insolvency Legislation will continue to apply to any loan that is sold or transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with the applicable legislation.

You should continue to maintain repayments as per the agreed terms and conditions of your Insolvency Arrangement, up to and after the transfer date.  If you require information regarding terms of your Personal Insolvency/Debt Settlement Arrangement please contact your own Personal Insolvency Practitioner or alternatively the Insolvency Service of Ireland.

My mortgage loan was restructured as part of my Bankruptcy / Personal Insolvency Arrangement. Will the terms of this restructure be maintained after the transfer?

Yes, the terms of any restructure agreement or Alternative Repayment Arrangement as agreed with Permanent TSB are unaffected by this transfer and will continue with Start Mortgages where you continue to maintain payments in line with the agreement.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

About the Transfer

When did my loan transfer to Start Mortgages?

Your loan transferred to Start Mortgages on 07 February 2020. 

On this date, Permanent TSB assigned, transferred and conveyed all of our rights, title, interest and benefits (including all present and future amounts owing to us) in respect of your loan and loan documents and obligations (if any) under and in respect of your loan absolutely to Start Mortgages.

Permanent TSB is no longer responsible for servicing your loan.  A formal notice was issued to you on 07 February 2020 confirming this.

Can I request for my loan to be transferred back to permanent tsb?

No.  There is no option for a customer to request that their loan be transferred back.

How does this transfer affect me?

On 07 February 2020, all relevant details relating to your loan were transferred to Start Mortgages.  These details will be used by Start Mortgages for the continued servicing of your loan.

Your loan will remain in place until all amounts outstanding have been paid and your obligations to repay such outstanding amounts are now owed to Start Mortgages.

Your contractual rights (as contained within the loan documents and within any loan restructure agreements) will transfer with your Loan.  If your contractual rights were amended by any Permanent TSB offers accepted prior to 07 February 2020, the amended contractual rights will transfer with your Loan.  Any Permanent TSB product and interest rate offers relevant to your Loan not accepted prior to 07 February 2020 are no longer available. 

What action do I need to take?

Your loan will remain in place until all amounts outstanding have been paid and your obligations to repay such outstanding amounts are now owed to Start Mortgages.

If you wish to make a cash payment to your loan, you will no longer be able to do this in a Permanent TSB branch.  You will need to complete this payment in an AIB branch using the bank details provided by Start Mortgages.  Start Mortgages will write to you to provide the relevant information.

If you have any queries in relation to your loan, you can contact Start Mortgages on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm.

What are Start Mortgage’s contact details?

Start Mortgages may be contacted on 01 209 6300 or 1850 818 000. Their lines are open from Monday to Thursday 9am to 5.30pm and Friday 9am to 5pm.

Who is Start Mortgages?

Start Mortgages is a Retail Credit Firm and has been regulated by the Central Bank of Ireland since 2008.  As a Retail Credit Firm, Start Mortgages is required to adhere to various legal and regulatory requirements, including:

  • Consumer Protection Code 2012
  • Code of Conduct on Mortgage Arrears 2013
  • Central Bank (Supervision and Enforcement) Act 2013 (Section 14) (Lending to Small and Medium-Sized Enterprises) Regulation 2015

You loan transferred to Start Mortgages on 07 February 2020.  From that date, Start Mortgages resumed responsibility for the servicing of your loan.

Permanent TSB wrote to you on 07 February 2020 to confirm that the transfer has taken place.

Why is permanent tsb selling customer mortgages / loans to Start Mortgages?

The Bank is required by regulators to reduce the percentage of loans which are classified as Non-Performing Loans. The sale of loans to Start Mortgages is being undertaken to help meet those regulatory requirements.

What regulations will apply to my loan after the transfer?

Consumer protections travel with any loans that are sold and transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland since 2008.  When dealing with borrowers, Start Mortgages is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA) when dealing with borrowers who are in arrears.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.   

Please provide details of the personal data that has been shared with Start Mortgages.

In providing personal banking services to you, we process your personal data.  This involves asking you for information about you, processing this information and storing it for a period of time in connection with the services we provide to you.

As part of the transfer, all relevant details relating to your loan, including your personal data, have been transferred to Start Mortgages. These details will be used by Start Mortgages for the continued administration of your loan and for related legal and regulatory purposes.

Permanent TSB will retain details relating to your loan (including your personal data) for a minimum period after the transfer date in accordance with legal and regulatory requirements.  During this period, Permanent TSB may process your personal data where necessary for compliance with Central Bank of Ireland or other legal or regulatory requirements, including engaging with Start Mortgages in relation to your loan where required for such purposes.

A detailed explanation of how your personal data is processed is provided in our Data Protection Notice located here: www.permanenttsb.ie/gdpr/data-protection-notices/ . This provides additional information about how we collect, store and use your personal data. 

On what basis can permanent tsb transfer my loan?

The transfer of your loan is permitted by law and/or also by the terms and conditions of your loan. 

If your loan is included in the sale, we have written to you providing formal notification of the sale and confirming the details of the relevant loan condition or basis allowing for the sale and transfer of your loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date. 

Additional Information

I have an outstanding complaint with permanent tsb. What will happen to my complaint?

Your complaint will not be impacted by this loan transfer. If we did not resolve your complaint before the transfer of your loan to Start Mortgages, we will continue to explore all resolution options in an effort to resolve your complaint irrespective of the sale of your loan.

You can read more about our complaints process here: www.permanenttsb.ie/contact-us/complaints-charter/

Will I still be able to access permanent tsb services and interest rates related to my loan after the loan is transferred to Start Mortgages?

Up until the date of transfer, you had access to PTSB services and interest rates related to your loan.

After the transfer to Start Mortgages on 07 February 2020, access to PTSB services and interest rates (related to your transferred loan) will no longer be available to you. 

For clarity, the terms and conditions of your loan will remain unchanged by the transfer.

I have a current account / deposit account with permanent tsb. Will this be impacted by the transfer?

The loan transfer has no impact on any other product or service you have with Permanent TSB.

However, if you paid any of your insurance policies as part of your mortgage repayment then these will no longer be collected as part of your loan repayment.  We wrote to customers with insurance policies that were paying as part of their mortgage repayment in November 2019 and again in December 2019, to inform them of the need to change their payment details to pay their Insurer directly, and provided details of how they could do this.

If you have any queries in relation to the change in payment method for your insurance policy, please contact;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact Permanent TSB on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

If you have any queries in relation to the terms of your insurance policy or your wish to make a claim, please contact the Insurer on;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact AXA on 061 737373

Do I need to make any changes to my mortgage insurance policies?

If you paid any of your insurance policies as part of your mortgage repayment then these will no longer be collected as part of your loan repayment.  We wrote to customers with insurance policies that were paying as part of their mortgage repayment in November 2019 and again in December 2019, to inform them of the need to change their payment details to pay their Insurer directly, and provided details of how they could do this.

If you have any queries in relation to the change in payment method for your insurance policy, please contact;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact Permanent TSB on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

If you have any queries in relation to the terms of your insurance policy or your wish to make a claim, please contact the Insurer on;

Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010

Allianz Home Insurance Policy – Contact Allianz on 01 613 3903

AXA Mortgage Repayment Protection Policy – Contact AXA on 061 737373

Who do I call to update my information?

It is important to let Start Mortgages know if your contact information has changed (e.g. postal address or mobile number). To update your details you may call Start Mortgages on 0818 220 666. Their lines are open from Monday to Friday 9am to 8.30pm and Saturday from 9am to 4pm.

I have a tracker rate on my mortgage – will Start Mortgages change the interest rate after the transfer?

Start Mortgages is required to comply with the terms and conditions of you loan, including the tracker rate. 

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

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