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.

Start Mortgages 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 loans to Start Mortgage our Frequently Asked Questions (FAQs) below may be of value.  If your questions are not addressed below, you can call us on 1800 855 010 or +353 21 601 3700 for more information. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm.

Why is permanent tsb selling customer mortgages / loans?

The sale of Non-Performing Loans (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.

What is an NPL?

NPL stands for Non-Performing Loan. The 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.

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

Letters were issued on 02/Aug/2018 to every account holder with a loan included in the sale. This letter represents the legal notification of the sale as required under the Consumer Protection Code (CPC), and provides at least two months’ notice before the sale is concluded and your loan is transferred to Start Mortgages. 

If you do not receive a letter, but are still worried that your loan might be 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 stop my loan from being sold?

We are not in a position to remove any specific loans from the sale process. However, a loan paid off in full, ahead of the transfer date, will not be 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.

Who is the Purchaser? Can you provide me with information about the Purchaser?

The legal purchaser of the loans is Start Mortgages of Trimleston House, Beech Hill Office Campus, Clonskeagh, Dublin 4.

Permanent tsb will continue to service your loan and act as the primary contact point until the transfer date.  If your loan is included within the sale, we wrote to you on the 02/Aug/2018 notifying you of this. The transfer of loans will happen no sooner than two months after the date of this letter.

We will write to you at the time of the transfer date to provide full contact details for 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.

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

We are not in a position to remove any specific 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 can contact 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 Bank Holidays) and Saturday 9am until 1pm.

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

Only one of my loans is in arrears. Is this the only loan that will be sold?

If you have more than one loan which is secured by a property, and one or more of these loans is classified as a non-performing loan then it is likely that all of these loans are included in the sale.

A letter has been issued for each of the loans included within the sale, which will provide you with clarity on the loans that are due to transfer.

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 pay off my loan in advance of the sale?

You can pay off your loan at any time, by contacting us on 1800 855 010 or 021 601 3700. Our Mortgage Operations team will inform you of the redemption amount and details of the steps involved in paying off your loan.

Note: If you are on a fixed rate loan then there may be a fee for paying off your loan early.

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 the Purchaser has paid for my loan?

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

If you wish to make a proposal to settle your loan, you may do so by contacting the Collections and Recoveries team on 1800 855 010  or 021 601 3700 who will be able to provide you with details of the information required to make a settlement offer. 

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

My loan has been restructured; will it be sold?

Loan accounts linked to Private Dwelling Houses which are performing in line with an agreed restructuring plan are not included in this transaction. An exception to this rule is that there may be a small number of cases where such a loan is cross collateralised or connected to a buy-to-let loan which is non-performing and which is included in the sale. This happens because it is market practice to link all connected accounts when assessing a borrower’s ability to pay.

Loan accounts linked to Buy-To-Let properties which are performing in line with an agreed restructuring plan are still classified as non-performing and therefore will be included in this transaction.

Letters were issued on 02 August 2018 to every account holder with a loan included in the sale. This letter represents the legal notification of the sale as required under the Consumer Protection Code (CPC) and provides at least two months’ notice before the sale is concluded and your loan is transferred to Start Mortgages.

If you do not receive a letter, but are still worried that your loan might be 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.

What regulations will apply to my loans 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, retail credit firms are 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) 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.

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

If you have concerns about any aspect of the loan sale 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 Bank Holidays) and Saturday 9am until 1pm.

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

Your complaint will not be impacted by this loan sale. If we cannot resolve your complaint before the transfer of your loan to the Purchaser, 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 any other product or service you have with permanent tsb.

However, if you pay any of your insurance policies as part of your mortgage repayment then you will need to take some action. We will write to you in the coming weeks to outline exactly what you need to do. 

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

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.

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.

How can permanent tsb sell my loan without my consent?

The terms and conditions of your loan permit permanent tsb to transfer or sell the loan.  

If your loan is included in the sale, we wrote to you on the 02/Aug/2018 to provide notification of the sale and confirm the details of the relevant loan condition or basis allowing for the 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. 

Will my monthly loan payment remain the same?

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

If you pay any of your insurance policies as part of your mortgage repayment then you will need to take some action. We will write to you in the coming weeks to outline exactly what you need to do. 

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

When will my loan transfer to the purchaser?

If your loan is included within the sale, we wrote to you on the 02/Aug/2018 notifying you of this. The transfer of loans will happen no sooner than two months after the date of this letter. 

Permanent tsb will continue to service your loan and act as the primary contact point until the transfer date and until that time you should continue to contact permanent tsb if you have any queries in relation to your loan.

For general queries in relation to your loan you may call 1890 500 157 or 01 215 1345. Our lines are open from Monday to Friday 8am until 7pm (excluding Bank Holidays).

If you have queries in relation to your restructure arrangement or the arrears on your account, you can contact 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 Bank Holidays) and Saturday 9am until 1pm.

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.

Back to top
Page loading

Alternate Text