Project Glas Loan Sale


Permanent tsb Loan Transfer to Start Mortgages

Published on 04 February 2019

Permanent tsb has announced the completion of the sale and transfer of certain loans to Start Mortgages DAC (trading as Start Mortgages). From 01 February 2019 Start Mortgages is the legal owner of the loans and responsible for the servicing of the loans.

Start Mortgages is a retail credit firm regulated by the Central Bank of Ireland since 2008 and is supported by LSF Irish Holdings 97 DAC. Both LSF Irish Holdings 97 DAC and Start Mortgages are entities within the wider Lone Star Funds network.

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.

If your Loan was included in the Transfer and you wish to discuss any aspect of your Loan you can contact the Start Administration Team on 0818 220 666. The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

Why has permanent tsb sold borrower mortgages / loans?

The sale comprised of what are termed “Non-Performing Loans (NPLs)”.  The sale of NPLs is part of the bank’s strategy to reduce the overall proportion of NPLs on its books in line with the stated policy of the Irish and European Regulatory Authorities. 

The regulatory definition of a non-performing loan is complex, but for regulatory purposes, “non-performing loan” generally describes a loan that is in arrears, or which has been restructured with a large payment falling due at maturity of the loan.

When was my loan transferred to Start Mortgages?

Your loan was transferred on the 01/Feb/2019.  On this transfer date, we assigned, transferred and conveyed your Loan, the Loan Documents and all present and future rights relating to your Loan and the Loan Documents absolutely to Start Mortgages.

Permanent tsb are no longer responsible for servicing your loan.

If you have any queries in relation to your loan you can contact the Start Administration Team on 0818 220 666.  The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

Who is Start Mortgages? Can you provide me with information about the Start Mortgages?

Start Mortgages is a retail credit firm regulated by the Central Bank of Ireland since 2008.

Their registered address is Trimleston House, Beech Hill Office Campus, Clonskeagh, Dublin 4.

If you have any queries in relation to your loan you can contact the Start Administration Team on 0818 220 666. The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

I’m having issues making a Payment to Start / My payment hasn’t been applied

If you are having any issues making a payment or setting up a direct debit please contact the Start Payments Team on 0818 220 666.

Please note there may be a short delay in the processing of payment happening just before / after the transfer date.

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.

How can I contact Start Mortgages?

Contact details for Start Mortgages are as follows:

Dublin Office:
Trimleston House
Beech Hill Office Campus
Clonskeagh
Dublin 4
T: 01 209 6300 / 1850 818 000
F: 01 209 6363
E: CUSTOMERSERVICES@START.IE
W: WWW.START.IE
DX: 152 Dublin

Derry Office:
PO Box 229
Derry BT487YT
T: 0818 220 666
F: 0818 220 777
E: CUSTOMERSERVICES@START.IE
W: WWW.START.IE
DX: 66006 BUNCRANNA


If you have any queries in relation to your loan you can contact the Start Administration Team on 0818 220 666. The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

How does this transfer affect me?

On 01/Feb/2019, 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 payable by you have been paid and your obligations to repay such outstanding amounts are now owed to Start Mortgages.

Any permanent tsb product and interest rate offers relevant to your loan that you did not accept before the 01/Feb/2019 are no longer available.  However, contractual rights within your loan documents and any loan restructure agreements transfer with your Loan, as amended by any offers you have accepted, if you have already done so.

What action do I need to take?

Your loan will remain in place until all amounts payable by you 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 mortgage, 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.

If you have any queries in relation to your loan you can contact the Start Administration Team on 0818 220 666. The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

I have not received any notification of the transfer - does this mean my loan has not been transferred?

If your loan is included within the sale, we wrote to you on the 02/Aug/2018 notifying you of this.

We issued another letter on the 04/Feb/2019 confirming the completion of the transfer.

If you did not receive either of these letters and are still unsure whether your loan has been 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 ROI Public Holidays) and Saturday 9am until 1pm.

Will my monthly loan repayment remain the same?

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 has been 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 borrowers with insurance policies, in October and again in January, 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 queries in relation to your insurance policies, you can contact the Insurer:

Irish Life Insurance Policy - Contact Irish Life on 01 704 1010
Allianz Home Insurance policy - Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy - Contact AXA on 061 737373

Will my insurance cover continue after the transfer?

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 after the transfer.  

We wrote to borrowers with insurance policies, in October and again in January, 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 engaged with the insurer on receipt of this letter and changed your payment details to pay them directly then your insurance cover will continue. If you did not engage with the insurer to make new payment arrangements then the policy will lapse on the next payment date.

If you have queries in relation to your insurance policies, you can contact the Insurer:

Irish Life Insurance Policy - Contact Irish Life on 01 704 1010
Allianz Home Insurance policy - Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy - Contact AXA on 061 737373

What regulations apply to my loans now, after the transfer?

Start Mortgages is a retail credit firm regulated by the Central Bank of Ireland since 2008.

When dealing with borrowers, retail credit firms are bound by the same regulations that currently apply to permanent tsb. Like permanent tsb, Start Mortgages are 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.

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

If you have any queries in relation to any aspect of your loan you can speak to the Start Administration team on 0818 220 666.

The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

I have an outstanding complaint with permanent tsb, what will happen to my complaint?

If we did not resolve your complaint before the transfer of your loan to Start Mortgages, we will continue to manage your complaint until the matter has been resolved.

You can read more about our complaints process here.

I have a current account/deposit account with permanent tsb, will this be impacted by the sale?

The loan sale has no impact on your current account or deposit/savings account with permanent tsb.

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

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

A detailed explanation of how your personal data is processed is provided in our Data Protection Notice here. This provides additional information about how we collect, store and use your personal data.

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

You will no longer be able to make a payment in a permanent tsb branch. With effect from 01/Feb/2019 it will be necessary to complete this payment in an AIB Branch using the bank details provided by Start Mortgages.

How can I make a payment to Start Mortgages?

If you wish to make a payment to your loan you can speak to the Start Administration team on 0818 220 666.

The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

What if I am currently in arrears?

If you are currently in arrears, or in the event that you find yourself in financial difficulties due to a change of circumstances, we encourage you to make contact with Start’s Mortgage Arrears Support Unit on Call Save 1850 818 000 or (01) 209 6300.

Where are the deeds of my property?

The Mortgage Deed and Title Deeds of your property are in the course of transferring to Start Mortgages.

In the event that a solicitor acting for you requires the title deeds to your property, instruct your solicitor to contact Start Mortgages at their Derry Office 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.

Where can I call to update my information?

If your contact information has changed, or if there are any changes Start Mortgages should know about, you can contact the Start Administration Team on 0818 220 666.

The Start office is open from 9:00am until 5:30pm Monday to Thursday (excluding ROI Public Holidays) and from 9:00am until 5:00pm on Fridays.

Project Glas: Permanent tsb has announced the sale of certain loans to Start Mortgages DAC (trading as Start Mortgages). Start Mortgages is a retail credit firm regulated by the Central Bank of Ireland since 2008 and will legally own and manage the loans after the sale completes.

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