Paying off your mortgage or switching lenders?
Whether you’re remortgaging, moving, or using a cash lump sum to pay off your mortgage early, here’s everything you need to know.
Whether you’re remortgaging, moving, or using a cash lump sum to pay off your mortgage early, here’s everything you need to know.
The process of completely paying off your mortgage is called mortgage redemption. It includes paying the outstanding capital and interest and any early repayment fees that come with closing your mortgage account.
Switching your mortgage is when you change or 'switch' your mortgage to a different lender. Whether you are looking to switch your mortgage or move home, the Competition and Consumer Protection Commission (CCPC) provide a mortgage tool that will help you to compare your options.
AIB, Bank of Ireland and Permanent TSB have put in place dedicated phone numbers for customers of credit servicing firms who wish to better understand and discuss their options for switching. Please see contact information for all mortgage lenders below:
Spry Finance – call 01 5822580 or visit Switch Your Mortgage to a Lifetime Loan - Spry Finance
Alternatively, customers may also wish to talk to a mortgage broker for impartial advice on their options. Association of Irish Mortgage Advisors – www.aima.ie and Brokers Ireland – www.brokersireland.ie
Follow these easy steps to pay off your mortgage whether its by re-financing with another lender or paying from your own funds
Check your outstanding balance to understand how much you have left to pay on your mortgage.
Log in to MyPepper to check your outstanding balance or contact us on 0818 818 181.
Check the fees involved in closing your account in your mortgage offer pack or contact us on 0818 818 181. Costs that may apply include early repayment charges and exit fees.
If you are paying off your mortgage by property sale or switching to a new lender, your solicitor will need to take up title documents from us. We will require the following information from you:
You will need to request a redemption quote to learn the final amount you will need to pay to close your mortgage account. Your quote will outline your:
It’s a good idea to request your redemption quote when you’re ready to repay the full amount as the document is only valid for 30 days. After it expires, you will need to request a new one as the figures will no longer be accurate.
If you pay back your mortgage within 30 days of receiving your redemption statement, you will need to add the daily interest rate outlined in your statement to the final amount. For example, if you pay it back 15 days after the issue date, you will need to add 15 days of interest.
If you have a solicitor, they can request a quote, but you will need to call us on 0818 818 181 to authorise them to act on your behalf first.
Please note it takes up to 5 working days to issue a redemption statement.
Request a quote now by calling 0818 818 181.
We will arrange the release of the Legal Charge on your property once we receive full payment. We will write to you and/or your solicitor to let you know your mortgage account is closed.
Don’t forget to share your new address with us if you’re moving out of your mortgaged property, to make sure you receive any final correspondence.
Yes, and we actively work with customers wishing to switch their mortgage to another lender. We recommend you look at your mortgage options regularly because a different product from another lender may lead to savings for you. The Competition and Consumer Protection Commission’s website (www.ccpc.ie) provides information relating to switching lenders or changing mortgage type.
Where switching mortgage provider is not possible for a customer who is looking for a lower interest rate to make their repayments more affordable - for example in cases where mortgages were previously restructured, currently in a restructure or because of issues affecting a credit record - we will work with customers to find a solution tailored to their needs, with the aim of helping them to resolve their current situation.
Once you have paid off your mortgage loan, please send a written request to the following address confirming where you wish the deeds to be sent to.
Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare
When a mortgage is paid in full and the property is no longer relied on as security for any other mortgages, Pepper Advantage will release the charge with the property registration authority, this is referred to as a “vacate”.
When this is complete, and the customer has requested the deeds to be returned to them, they are returned to the customer under a process which is known as a “Final Receipt”.
You can submit an appeal in writing to the Mortgage Appeals Board.
Mortgage Appeals Board
Pepper Advantage
4310 Atlantic Avenue
Westpark Business Campus
Shannon
Co Clare
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When completing the DDM, ensure you include the NEW IBAN number of the account to be debited and return to the address listed on the form.
If you would like to change the account your Mortgage is paid from, please print out and complete the relevant Direct Debit Mandate (DDM) by logging into My Pepper, or alternatively call 0818 818 181 and we will take your new account details over the phone or issue a DDM to you by post for completion.
When completing the DDM, ensure you include the NEW IBAN number of the account to be debited and return to the address listed on the form.
Yes, you can make an Overpayment on your mortgage, you can use a lump sum payment made to either
If you’d like to make an electronic funds transfer (EFT), you’ll need your IBAN & BIC numbers and your mortgage account number.
Please note if you hold more than 1 account with Pepper Advantage you will need to set up more than one payee for each account.
EFT payments can take up to 3 business days for the repayment to reach your mortgage account. Please log into MyPepper to get Peppers IBAN and BIC.
}'}, {id=77450001886, createdAt=1692747373686, updatedAt=1692747392898, 4='{type=option, value={id=3, name='Payment FAQs', order=2, label='Payment FAQs'}}', 1='{type=string, value=Can I pay by cheque or postal order?}', 2='{type=string, value=Yes, to make a payment by cheque, make it payable to Pepper Advantage and write your full name and mortgage account number on the back.
Please allow ten working days for your cheque to clear.
To make a payment by postal order or a bank draft. Please ensure that you write your full name and your mortgage account number on the back. Please allow ten working days for your payment to clear.
Yes, and we actively work with customers wishing to switch their mortgage to another lender. We recommend you look at your mortgage options regularly because a different product from another lender may lead to savings for you. The Competition and Consumer Protection Commission’s website (www.ccpc.ie) provides information relating to switching lenders or changing mortgage type.
Where switching mortgage provider is not possible for a customer who is looking for a lower interest rate to make their repayments more affordable - for example in cases where mortgages were previously restructured, currently in a restructure or because of issues affecting a credit record - we will work with customers to find a solution tailored to their needs, with the aim of helping them to resolve their current situation.
We are Pepper Finance Corporation (Ireland) DAC trading as Pepper Advantage, Pepper Asset Servicing and Pepper Money (“Pepper”, “us”,”we”,”our”). We are a member of the Pepper group of companies.
Our principal activity, when trading as Pepper Advantage and Pepper Asset Servicing, is residential and commercial loan servicing along with asset management and advisory services on behalf of various investment companies and banks. Our principal activity when trading as Pepper Money, is the provision of commercial mortgage loans.
The purpose of this Data Privacy Notice is to explain how we, in our capacity as a data controller, collect and use your personal information. Personal information means information relating to a living individual who can be identified (either from that information itself or when combined with other information).
We are a data controller in respect of loans where:
We originated the loan at inception, or,
We carry out servicing activities on your loan, on behalf of a client, and we are the legal title holder to the loan.
We are a data processor in respect of loans where:
We carry out servicing activities on your loan, acting on behalf of a client who is the legal title holder to the loan.
In relation to the latter, Pepper may also be a data controller for a period after we stop servicing your loan where we retain personal information for the purposes of compliance with our regulatory obligations. Whether as a data controller or a data processor, we are committed to complying with Data Protection Law at all times. By “Data Protection Law” we mean the EU General Data Protection Regulation, the Data Protection Acts 1988 to 2018 and any other laws which govern the use of your personal data.
We collect and process your personal information for a variety of reasons and we rely on a number of legal bases for doing so including:
2.1 To enter into and for the performance of a contract
Applications:
We use personal information that you provide to us to process your application for a product or service from us and to decide on the terms upon which we can enter into a contract with you, for example, an application for a mortgage loan.Ongoing Product/Service Management:
In order to manage any product or service provided, we have to process your personal information, for example, administration of a mortgage loan by processing payments, writing to you about the status of your loan, assessing your loan for an alternative repayment arrangement if you find yourself in financial difficulty and so on. As part of this management, we may be required to pass some of your personal information to an intermediary or counterparty (e.g. to take a payment by direct debit from your bank account we have to share your personal information with our bank).Continuing Performance:
Where we may have acquired your loan from another lender, they will pass relevant information to us to allow for the continued performance of your contract.
2.2 To comply with legal obligations
2.3 Our legitimate business interests
2.4 Where you have provided consent
Marketing Consent:
At the time of applying for your loan, or at any time thereafter, if you consented to marketing, we might use your personal information to make you aware of other products or services which we think could be of interest to you. In addition, depending on the preferences you selected at the time of your application, we might disclose your personal information to third parties and our partners whose products or services we consider could be of interest to you. All marketing communications will include a clear opt-out facility if you wish to change your marketing contact preferences.Sensitive Information Consent:
Data Protection Law may require us to obtain consent to the processing of special categories of personal information such as personal information that reveals racial or ethnic origin, information about a person’s health, religious beliefs and other categories of ‘sensitive data’. While we don’t collect sensitive data as a matter of course, you may choose to disclose health and other sensitive information in limited circumstances, such as if you are experiencing a health issue which is affecting your ability to repay a loan, which we will record on our systems.Authorised third parties:
At your request and with your written consent, we will liaise with a third party nominated by you to act on your behalf.Telephone Contact at Work:
You may have consented to us contacting you at your workplace, where it is not your residence.At any time you can withdraw your consent through the contact channels referenced in Section 12.
2.5 Where you have provided us with information about another person
We collect information about you:
Identity information:
Name, date of birth, proof of identification (such as driving licence or passport). Examples of how we use this information include: to identify you and to comply with our legal and regulatory obligations.Contact information:
Address, telephone number, email address. Examples of how we use this information include: to manage and administer your loan(s) with us, to send you information which you request and to respond to your queries and complaints.Personal circumstances:
Employment status and details, financial circumstances including income and expenditure, assets, borrowings, savings, lifestyle needs. Examples of how we use this information include providing you with products such as a new loan or restructuring or rescheduling of a loan.Interactions with Pepper staff:
Whenever a staff member meets you or contacts you, a note of this interaction is recorded on our loan management system. In addition, we sometimes record telephone conversations to improve services, for training purposes, to resolve complaints and as required by relevant regulations and Central Bank of Ireland Codes of Conduct. However, we will always let you know when we are recording our calls with you.Health information:
With your consent, we sometimes process information on your health when you are applying for a product or service or over the course of your relationship with us. You may choose to share health information with us, for example, if you are in financial difficulties as a result of a health issue you may provide us with this information in writing or by phone in which case it may be included in a call recording.Other:
We may also collect and process personal information made available by other parties, for example credit reference agencies such as Central Credit Register or Irish Credit Bureau; or entities such as An Post.4.1 Right of access to your personal information
Fees:
Typically there is no fee for a copy of your personal information although we have the right to apply a reasonable fee in exceptional circumstances if your request is manifestly unfounded or excessive.Format of response:
You may request that the information is provided to you orally, in a hard copy format or in electronic format. If you require the information in electronic format, you will need to provide us with your email address. We will email the information to you encrypted with a password and you will need to contact us by telephone to provide you with the password. It is important to be aware that email is not a fully secure means of communication.Exclusions:
Some personal information is exempt from the right of access, such as personal information that is not available from a reasonable and proportionate search, privileged information, confidential expressions of opinion or where providing a copy would adversely affect the rights and freedoms of others.4.2 Right to correct your personal information
Restrict processing:
While we are considering your query, you may request that we restrict processing your personal information.4.3 Right to delete your personal information
You may request deletion or erasure of your personal information in the following circumstances, provided there are no legal obligations or overriding legitimate grounds that require us to keep it:
4.4 Right to withdraw your consent
4.5 Right to request your information be transferred
4.6 Right to object
Where your personal information is being processed on the basis of our legitimate interests, we must ensure that there is a fair balance between our legitimate interests and your rights. If you disagree with your personal information being processed in this manner, you are entitled to object.
8.1 Staff and onsite suppliers
8.2 Third parties within the European Economic Area (“EEA”)
8.3 Third parties outside the EEA
8.4 Central Credit Register (CCR), credit reference and fraud prevention agencies
CCR
8.5 Loan acquisitions or transfer of rights
10.1 Introduction
10.2 Use of your personal information
By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Data Privacy Notice. Any payment transactions will be encrypted using SSL technology.
The Website may, from time to time, contain links to and from the websites of our partner networks, advertisers and affiliates. If you follow a link to any of these websites, please note that they have their own privacy statements and that we do not accept any responsibility or liability for these statements. Please check these statements before you submit any personal data to these websites.
10.3 Types of information we collect and how it is used
If you have any queries about your data protection rights, you can contact us in the following ways: By phone at the following number or in writing at the following address:
Write to: Customer Services, Pepper Advantage, PO Box 687, Shannon, Co. Clare
Phone: +353 (0)61 705900
Write to: Data Protection Officer, Pepper Money, 4th Floor Two Park Place, Upper Hatch Street, Dublin 2
Phone: +0818 866 666
If you wish to raise a query or make a complaint in relation to how we handle(d) your personal information, you can write to our Data Protection Officer, at the following address.
Write to:
Data Protection Officer,
Pepper Money & Pepper Advantage,
4th Floor Two Park Place,
Upper Hatch Street,
Dublin 2.
In the event that you are not satisfied with our response to your query or complaint, you may be entitled to complain to the Office of the Data Protection Commission:
Email: info@dataprotection.ie
Website: www.dataprotection.ie
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Completing a direct debit form which we can post to you or alternatively call 0818 818 181 and we will send a DDM form to you or take your details over the phone. Note that you will need to know you BIC and IBAN number when filling out the form - you can find these on your current bank statement.
Once you have paid off your mortgage loan, please send a written request to the following address confirming where you wish the deeds to be sent to.
Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare
When a mortgage is paid in full and the property is no longer relied on as security for any other mortgages, Pepper Advantage will release the charge with the property registration authority, this is referred to as a “vacate”.
When this is complete, and the customer has requested the deeds to be returned to them, they are returned to the customer under a process which is known as a “Final Receipt”.
We have a highly experienced team who work with customers to find solutions if they can’t meet their repayments.
We offer one of the broadest ranges of temporary and longer-term forbearance solutions in the Irish market. These solutions may include fixed reduced monthly repayments, interest only repayments, loan term extensions, arrears capitalisations or interest rate discounts.
Whether you’re having difficulty meeting your financial obligations in response to interest rate increases or rising costs of living, please contact now sooner rather than later so that we can try to help. Pepper can offer a number of solutions tailored to your individual circumstances and affordability. These may include a term extension or an interest rate discount to effectively fix the monthly payments for a specified period of time.
The terms of any agreed alternative repayment arrangement (ARA) will remain in effect. However, the interest rate on your Loan may increase or decrease in line with the ECB base rate.
If you are making reduced payments as part of the ARA, your loan repayments will remain the same until the end of the reduced payment period. We will notify you at least 30 days before your ARA ends about your new repayment amount.
If you are not making reduced payments, your loan repayment will change following the interest rate increase or decrease. We are here to support you, so please contact us if you have any concerns about your ability to make increased repayments if applicable.
}'}, {id=77476889024, createdAt=1692755234484, updatedAt=1726761990350, 4='{type=option, value={id=8, name='General Interest Rate FAQs', order=7, label='General Interest Rate FAQs'}}', 1='{type=string, value=I have an agreed Personal Insolvency Arrangement with Pepper. How does ECB rate changes affect the arrangement?}', 2='{type=string, value=If you are currently in a Personal Insolvency Arrangement (PIA), your payment may stay as agreed. However, if the interest rate has not been fixed as part of the PIA and you have a mortgage that tracks the ECB base rate, the interest rate change will be applied to your loan account. If your PIA comes to an end or is terminated, your loan repayment amount and interest rate (where applicable) will be adjusted accordingly.
We will contact you before the arrangement comes to an end to let you know your revised loan repayment amount and interest rate (where applicable) once the PIA ends. We are here to support you, so please contact us if you have any concerns about your ability to make repayments.
}'}, {id=77476889025, createdAt=1692755234503, updatedAt=1692755250987, 4='{type=option, value={id=8, name='General Interest Rate FAQs', order=7, label='General Interest Rate FAQs'}}', 1='{type=string, value=Are the interest rate increases consistent with the terms and conditions of my mortgage?}', 2='{type=string, value=The level of interest rates charged on mortgage loans and the basis for the adjustment of the mortgage rate, are commercial decisions and must be made in line with the terms of the original or amended mortgage contract entered into by the customer and the original mortgage lender.Pepper is not involved in new residential mortgage lending in Ireland, so it does not offer a range of alternative mortgage products including fixed rate products. We would encourage residential mortgage customers to consider your options on a regular basis as there may be a better product option available to you from another lender. For more information on switching lenders, please visit the Competition and Consumer Protection Commission’s website.
www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage.
For customers experiencing financial difficulties and may not be in a position to switch lender we offer one of the broadest ranges of temporary and longer-term forbearance solutions in the Irish market including interest only payments, term extensions, arrears capitalisations, interest rate discounts as well as several other options. As part of our forbearance solutions, we can offer fixed reduced monthly repayments and interest rate discounts, both for short term and extended periods.
Yes, and we actively work with customers wishing to switch their mortgage to another lender. We recommend you look at your mortgage options regularly because a different product from another lender may lead to savings for you. The Competition and Consumer Protection Commission’s website (www.ccpc.ie) provides information relating to switching lenders or changing mortgage type.
Where switching mortgage provider is not possible for a customer who is looking for a lower interest rate to make their repayments more affordable - for example in cases where mortgages were previously restructured, currently in a restructure or because of issues affecting a credit record - we will work with customers to find a solution tailored to their needs, with the aim of helping them to resolve their current situation.
No, Pepper does not offer new residential mortgages in Ireland, including fixed rate options. We encourage you to regularly review your mortgage options, as another lender may have a better product available for you. For more information on switching lenders, please visit the Competition and Consumer Protection Commission’s website.
www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage.
For customers experiencing financial difficulties and may not be in a position to switch lender we offer one of the broadest ranges of temporary and longer-term forbearance solutions in the Irish market including interest only payments, term extensions, arrears capitalisations, interest rate discounts as well as several other options. As part of our forbearance solutions, we can offer fixed reduced monthly repayments and interest rate discounts, both for short term and extended periods.
For short term interest rate discounts, the discounted interest rate may also be fixed for a period of two years meaning your monthly repayment will not vary during this time.
}'}, {id=77477042896, createdAt=1692755296281, updatedAt=1726756150939, 4='{type=option, value={id=9, name='Fixed Rate Mortgage FAQs', order=8, label='Fixed Rate Mortgage FAQs'}}', 1='{type=string, value=I am currently on a fixed rate which will move to an interest rate tracking ECB at the end of the fixed rate period, what does the recent rate changes mean for me?}', 2='{type=string, value=
The rate changes will not impact your loan while you are in a fixed rate. When your fixed rate expires your interest rate will move onto the prevailing ECB interest rate. We will notify you before your fixed rate is due to expire to advise you of what the new rate will be and the impact of the change on your loan and your monthly repayment.
}'}, {id=77477042897, createdAt=1692755296290, updatedAt=1726756180146, 4='{type=option, value={id=9, name='Fixed Rate Mortgage FAQs', order=8, label='Fixed Rate Mortgage FAQs'}}', 1='{type=string, value=I am currently on a fixed rate which will move to a Variable Interest Rate at the end of the fixed rate period, what does the recent rate changes mean for me?}', 2='{type=string, value=The rate change will not impact your loan while you are in a fixed rate. When your fixed rate expires your interest rate will move onto a Variable Interest Rate. We will notify you before your fixed rate is due to expire to advise you of what the new rate will be and the impact of the change on your loan and your monthly repayment.
}'}, {id=77459890894, createdAt=1692755346121, updatedAt=1728991028578, 4='{type=option, value={id=10, name='Variable Interest Rate Increase FAQs', order=9, label='Variable Interest Rate Increase FAQs'}}', 1='{type=string, value=What is a Variable Interest Rate?}', 2='{type=string, value=Variable Interest Rates are subject to change, meaning that the interest rate can go up or down subject to a variety of factors determined by your Lender. It isn’t specifically linked to the European Central Bank’s (ECB) base rate; however, Lenders often change Variable Interest Rates when the ECB rate goes up or down. This means that when the ECB base rate rises or falls you may see your Variable Interest Rate either increase or decrease in the months following ECB base rate movements.
}'}, {id=77477042902, createdAt=1692755346137, updatedAt=1728991152097, 4='{type=option, value={id=10, name='Variable Interest Rate Increase FAQs', order=9, label='Variable Interest Rate Increase FAQs'}}', 1='{type=string, value=Does Pepper have a Standard Variable Interest Rate?}', 2='{type=string, value=No, mortgages are on various interest rate products including Variable Interest Rates transferred to Pepper as part of loan portfolio sales from many different Lenders in Ireland. These interest rate products were agreed by the original lender and vary by type and by Lender.
}'}, {id=77477042904, createdAt=1692755346163, updatedAt=1729104393605, 4='{type=option, value={id=10, name='Variable Interest Rate Increase FAQs', order=9, label='Variable Interest Rate Increase FAQs'}}', 1='{type=string, value=How are decisions made in relation to Variable Interest Rates?}', 2='{type=string, value=Pepper as legal title holder manages interest rate decisions on behalf of the beneficial owner of the loans in relation to changes to variable interest rates. When making decisions on Variable Interest Rates, we consider a range of 6 factors as set out in our Variable Interest Rate Policy Statement. Changes to any of these factors can result in changes to Variable Interest Rates.
These factors include the mortgage funding costs (“cost of funds”) for the beneficial owner of the loan driven by wholesale interest rates which rose sharply over the past two years as a result of the ECB decisions on interest rates.
}'}, {id=77477042905, createdAt=1692755346175, updatedAt=1728992480312, 4='{type=option, value={id=10, name='Variable Interest Rate Increase FAQs', order=9, label='Variable Interest Rate Increase FAQs'}}', 1='{type=string, value=I have a Variable Interest Rate mortgage with Pepper, what do the interest rate changes mean for my loan?}', 2='{type=string, value=If any changes are to be made to your Variable Interest Rate, Pepper will write to you in advance, providing advance notice of any interest rate change. Notification letters relating to interest rate changes will detail the reason for the change and the impact of the change on your Loan repayments.
}'}, {id=77477042906, createdAt=1692755346188, updatedAt=1728993046141, 4='{type=option, value={id=10, name='Variable Interest Rate Increase FAQs', order=9, label='Variable Interest Rate Increase FAQs'}}', 1='{type=string, value=I am concerned that I won’t be able to make the repayments in relation to the Variable Rate on my Mortgage?}', 2='{type=string, value=If you have a mortgage and are at risk of financial difficulty, Pepper can offer a number of solutions tailored to your individual circumstances and affordability which may include a term extension, an interest rate discount or to fix the monthly payments for a specified period of time. If you are concerned about your ability to meet mortgage payments contact our team on 0818 828 828.
}'}, {id=77477042898, createdAt=1692755394249, updatedAt=1726755272524, 4='{type=option, value={id=11, name='Alternative Repayment Arrangement FAQs', order=10, label='Alternative Repayment Arrangement FAQs'}}', 1='{type=string, value=I have an agreed Alternative Repayment Arrangement (ARA) with Pepper. How does ECB rate changes affect the arrangement?}', 2='{type=string, value=The terms of any agreed alternative repayment arrangement (ARA) will remain in effect. However, the interest rate on your Loan may increase or decrease in line with the ECB base rate.
If you are making reduced payments as part of the ARA, your loan repayments will remain the same until the end of the reduced payment period. We will notify you at least 30 days before your ARA ends about your new repayment amount.
If you are not making reduced payments, your loan repayment will change following the interest rate increase or decrease. We are here to support you, so please contact us if you have any concerns about your ability to make repayments.
}'}, {id=77477042899, createdAt=1692755394260, updatedAt=1726762008206, 4='{type=option, value={id=11, name='Alternative Repayment Arrangement FAQs', order=10, label='Alternative Repayment Arrangement FAQs'}}', 1='{type=string, value=I have an agreed Personal Insolvency Arrangement with Pepper. How does ECB rate changes affect the arrangement?}', 2='{type=string, value=If you are currently in a Personal Insolvency Arrangement (PIA), your payment may stay as agreed. However, if the interest rate has not been fixed as part of the PIA and you have a mortgage that tracks the ECB base rate, the interest rate change will be applied to your loan account. If your PIA comes to an end or is terminated, your loan repayment amount and interest rate (where applicable) will be adjusted accordingly.
We will contact you before the arrangement comes to an end to let you know your revised loan repayment amount and interest rate (where applicable) once the PIA ends. We are here to support you, so please contact us if you have any concerns about your ability to make repayments.
}'}, {id=77477042900, createdAt=1692755394270, updatedAt=1726761620119, 4='{type=option, value={id=11, name='Alternative Repayment Arrangement FAQs', order=10, label='Alternative Repayment Arrangement FAQs'}}', 1='{type=string, value=I have a Split Mortgage. How does this rate change affect the arrangement?}', 2='{type=string, value=Split Mortgages restructure your mortgage so a portion of your loan becomes a warehoused loan, typically accruing zero interest, while the remaining balance continues to accrue interest.
If the interest rate on the remaining balance of your Split Mortgage tracks the ECB base rate or is variable, we will notify you ahead of any changes to the Interest Rate. Your notification letter will let you know the reason for the change and its impact on your loan repayments.
}'}, {id=77477042901, createdAt=1692755430890, updatedAt=1734085042091, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=How is Pepper responding to the latest ECB decision in relation to reducing interest rates? }', 2='{type=string, value=
On the 12th December 2024, the European Central Bank (ECB) announced a 0.25% decrease in the base rate (effective 18th December 2024). If you have a tracker mortgage, the 0.25% change will be applied to your mortgage interest rate in line with the terms and conditions of your loan agreement.
}'}, {id=77477109456, createdAt=1692755430901, updatedAt=1726756687326, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=What is a tracker mortgage?}', 2='{type=string, value=A tracker mortgage is a type of mortgage where the interest rate charged on the loan tracks that of another publicly available rate, typically the interest rate set by the European Central Bank (ECB). This means the interest rate on your loan moves in line with the ECB base rate. If the ECB base rate increases or decreases, this will result in your interest rate increasing or decreasing by the same percentage.
For more information on the ECB base rate change please refer to: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html
}'}, {id=77477109457, createdAt=1692755430911, updatedAt=1718255372477, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=I have a Tracker Mortgage, what does the recent ECB Base rate change mean to my tracker mortgage?}', 2='{type=string, value=A Tracker Mortgage “tracks” the European Central Bank (ECB) base rate. This means the interest rate on your loan moves in line with changes to the ECB base rate. }'}, {id=77477109458, createdAt=1692755430921, updatedAt=1726756731372, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=Why do ECB interest rates change and what is the impact on mortgage interest rates?}', 2='{type=string, value=The ECB’s mandate is to keep prices and inflation stable. To curb inflation across the Eurozone including Ireland, the ECB increased rates over the course of 2022 and 2023. As inflation stabilised in 2024, the ECB started to reduce interest rates from June 2024.
The impact of ECB interest rate changes has affected mortgage holders with loans linked to the ECB base rate by changing the amount they will have to pay back each month.
}'}, {id=77477109459, createdAt=1692755430931, updatedAt=1726754853388, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=When will the rate changes announced by the ECB take effect on my loan account?}', 2='{type=string, value=Pepper will write to all impacted customers to provide them with information on ECB base rate changes and what they will mean for them. For more information on the ECB base rate change please refer to: https://www.ecb.europa.eu/home/html/index.en.html
}'}, {id=77477109460, createdAt=1692755430941, updatedAt=1729696489288, 4='{type=option, value={id=12, name='ECB Base Rate for Tracker Mortgage FAQs', order=11, label='ECB Base Rate for Tracker Mortgage FAQs'}}', 1='{type=string, value=How much will my payments change by?}', 2='{type=string, value=Pepper will write to all customers impacted. The letter will notify you of the interest rate change and will include the effect of the latest ECB base rate change on your mortgage interest rate and your monthly loan repayments and when the change will take effect on your account. You will receive further correspondence from Pepper confirming the interest rate change has been applied to your account and your monthly loan repayments.
For guidance, please see below a table outlining the indicative decrease on a per €50,000 borrowed based on the latest ECB base rate decrease of 0.25%.
Outstanding Balance | Monthly NMI Decrease* |
€50,000 | €10.42 |
€150,000 | €31.25 |
€250,000 | €52.08 |
€300,000 | €62.50 |
€350,000 | €72.92 |
*Note: These amounts are for indicative purposes only, an interest rate change notification letter will issue to all customers impacted with information on the actual new monthly loan repayment amounts and when they will take effect.
You have the option to appeal a decision to our dedicated SME Appeals Board if you are not satisfied with:
Appeals must be submitted in writing to the Appeals Board within 20 working days from the date you are notified of a decision.
}'}, {id=77459892429, createdAt=1692755516780, updatedAt=1692834801570, 4='{type=option, value={id=14, name='Buy-to-let Mortgage FAQs', order=13, label='Buy-to-let Mortgage FAQs'}}', 1='{type=string, value=What should I do if I’m finding it difficult to make my monthly mortgage repayments?}', 2='{type=string, value=If you are having difficulties making your monthly mortgage repayment, please talk to us.
There are options available, and we are committed to working with you to find a solution.
Please call us on 0818 818 181.
We can try to agree an approach that will assist you in dealing with the repayments you owe. To do this, we may ask you to complete an Income and Expenditure form (I&E) to help us understand your finances. You may also be asked to provide supporting documents that we consider relevant, such as bank statements or proof of income.
}'}, {id=77459892430, createdAt=1692755516789, updatedAt=1692755531157, 4='{type=option, value={id=14, name='Buy-to-let Mortgage FAQs', order=13, label='Buy-to-let Mortgage FAQs'}}', 1='{type=string, value=What is an Income and Expenditure (I&E) form ?}', 2='{type=string, value=The I&E is also used for all borrowers in respect of Buy to Let (BTL) properties to obtain details of their current financial circumstances. This is a document used to obtain financial information from the borrower in order to assess their case when the borrower is no longer in the Mortgage arrears resolution process (Marp).}'}, {id=77459892431, createdAt=1692755516798, updatedAt=1692755532566, 4='{type=option, value={id=14, name='Buy-to-let Mortgage FAQs', order=13, label='Buy-to-let Mortgage FAQs'}}', 1='{type=string, value=What is the difference between the Standard Financial Statement and the Income & Expenditure form (I&E?)}', 2='{type=string, value=The information required to complete the SFS and I&E are the same.Start by gathering all your relevant information, including bills, receipts and documents. You should include all your basic living expenses. Completing one of these forms is useful as it may help you to think of ways to reduce your expenses and spending. Download a copy of the I&E, where applicable. There are options available if you need help:
MyPepper: You can now fill out and submit your SFS or the I&E online, which is usually quicker and easier than using paper forms. You’ll be able to save your SFS or the I&E as you go, which means you can come back to it later if you need more information. When your digital SFS or the I&E is complete, you simply press “submit”. Register with MyPepper to complete your SFS or the I&E form online.
Speak to us: Our specialist team responsible for your mortgage can help you complete the SFS or the I&E. We provide help over the phone. Or, if you prefer to meet in person, we can arrange a suitable time and location for a meeting at our offices in Dublin or Shannon, or at your home if that would suit you better. Whichever you choose, we will ensure to maintain your privacy.
Independent advice: You may prefer to seek independent advice from your financial advisor or from MABS (the Money Advice and Budgeting Service). MABS is a national, free, confidential and independent advice service for people in debt difficulties or in danger of getting into debt difficulties. The MABS Guide to the Code of Conduct on Mortgage Arrears is available at www.mabs.ie. It will help you to complete the SFS or I&E The Useful Contacts section provides details on MABS and other useful contacts.
When we receive your completed SFS, our ASU will review it and we will send a copy back to you in the post.
Supporting documentation: We may also ask you to provide other documents so that we can assess your situation. These could include bank statements and proof of income.
}'}, {id=77459892433, createdAt=1692755516815, updatedAt=1692834822947, 4='{type=option, value={id=14, name='Buy-to-let Mortgage FAQs', order=13, label='Buy-to-let Mortgage FAQs'}}', 1='{type=string, value=Can I meet with someone to discuss my mortgage?}', 2='{type=string, value=Yes, you can contact us on 0818 818 181 and we will arrange a meeting with you.
The preference is to conduct meetings in a Pepper Advantage office as this provides a secure and private environment for all parties. The meeting can be conducted in person or over video call. You also have the option of having a nominated third party accompany you to the meeting, please contact us in advance of the meeting to arrange for a third party to be present.
}'}, {id=77477112804, createdAt=1692755560258, updatedAt=1692834835700, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=What should I do if I’m finding it difficult to make my monthly loan repayments?}', 2='{type=string, value=There are a number of possible options available, and we’re committed to working with you to find a solution.
We’ll need to get a detailed understanding of your finances so we can find the best option for you. You can provide this information by completing the Standard Financial Statement (SFS) form.
Our resolution process is explained in detail in our Mortgage Arrears Resolution Process (MARP) booklet, which you can find here.
Alternatively, our team is available from Monday to Friday, 9am to 5pm and you can call us on 0818 818 181.
}'}, {id=77477112805, createdAt=1692755560268, updatedAt=1692755575078, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=What is the MARP process?}', 2='{type=string, value=The MARP stands for the Mortgage Arrears Resolution Process, it sets out how we must communicate with you and assess your situation with the aim of coming to a resolution.
Under the Central Bank of Ireland’s Code of Conduct on Mortgage Arrears (the Code), Pepper Advantage implemented a 4-step process called the Mortgage Arrears Resolution Process (MARP) to help Customers whose mortgage is in arrears:
The MARP booklet has a summary of our communications policy. It is important that you talk to us. The Arrears Support Unit is there to help you. Contact us.
We provide you with a form to fill in, known as the Standard Financial Statement (SFS), to ensure we have a detailed understanding of your finances. You will find further details in understanding your finances. You can complete the SFS online in My Pepper if you have a Pepper mortgage.
We assess the information in your completed SFS and examine your situation on its merits. We use this information to decide which alternative repayment arrangement (ARA) is best for you.
There are different ARA options we explore to try to prevent you falling behind on your mortgage payments or going further into arrears. We determine which option(s) may work to provide a sustainable solution that is workable for you. There may be other solutions if the mortgage is not viable.
The Code applies to a mortgage taken out on your primary residence which is the residential property you occupy as your home or your only residential property in the State even if you don’t currently live in it.
}'}, {id=77477112806, createdAt=1692755560276, updatedAt=1692834852186, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=What is a Standard Financial Statement (SFS)?}', 2='{type=string, value=SFS is the document which a lender must use to obtain financial information from a borrower in order to complete an assessment of that borrower’s case.
It is to make sure we have a detailed understanding of your finances, we will provide you with a form to fill in, known as the Standard Financial Statement (SFS). The SFS is designed to help you set out your current financial circumstances in detail.
}'}, {id=77477112807, createdAt=1692755560285, updatedAt=1692755577579, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=What is an Income and Expenditure (I&E) form ?}', 2='{type=string, value=
This is a document used to obtain financial information from the borrower in order to assess their case when the borrower is no longer in the Mortgage arrears resolution process (Marp).
The I&E is also used for all borrowers in respect of Buy to Let (BTL) properties to obtain details of their current financial circumstances.
}'}, {id=77477112808, createdAt=1692755560294, updatedAt=1692755578815, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=What is the difference between the Standard Financial Statement and the Income & Expenditure form (I&E?)}', 2='{type=string, value=The information required to complete the SFS and I&E are the same.Yes, you can contact us on 0818 818 181 and we will arrange a meeting with you.
The preference is to conduct meetings in a Pepper Advantage office as this provides a secure and private environment for all parties. The meeting can be conducted in person or over video call. You also have the option of having a nominated third party accompany you to the meeting, please contact us in advance of the meeting to confirm for a third party to be present.
}'}, {id=77459932378, createdAt=1692755560323, updatedAt=1692755582391, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=For my Primary residence, I have received an Alternative Repayment Arrangement (ARA) decline letter. Are the other options that are available to me?}', 2='{type=string, value=There may be other options available including:
Mortgage to Rent (MTR) – where you agree to sell the mortgaged property to a housing association and the proceeds are used to pay off some or all of the balance owing on your mortgage. You and your family remain in the property as a tenant of the housing association, paying an affordable rent.
Assisted Voluntary Sale (AVS) – where you are provided with the support and assistance you need to sell your property at the best price while keeping the cost to you as low as possible.
Selling your property – where you agree to sell the property yourself and the proceeds from the sale are used to pay off your arrears and to reduce or clear your remaining mortgage balance.
Voluntary Surrender – where you agree to voluntarily hand over ownership of your property to Pepper or the third party that owns your mortgage, as the case may be.
Trade down – It applies where you sell your existing property and buy a cheaper one Before considering this, you will need to be sure that you will have sufficient funds from the sale to buy another property or be able to get another mortgage, after paying off the mortgage on your current property. It is important to take independent legal or financial advice if you are availing of any of these options.
}'}, {id=77459932379, createdAt=1692755560332, updatedAt=1692834943744, 4='{type=option, value={id=15, name='Mortgage Repayment FAQs', order=14, label='Mortgage Repayment FAQs'}}', 1='{type=string, value=I have received a letter stating I am not co-operating. Are there any options available to me?}', 2='{type=string, value=Failing to fully engage with Pepper Advantage to address the arrears may leave us with no option but to consider you as not co-operating. There may still be options available to you. Please complete an Income & Expenditure so we can complete an assessment based on your current circumstances.}'}, {id=77459932380, createdAt=1692755609234, updatedAt=1719320287761, 1='{type=string, value=When will I get my next annual statement?}', 2='{type=string, value=Statements will be issued at least annually, however, you can call us on 0818 818 181 or write to us at the below address to request a statement at any time.
Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare.}', 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 6='{type=image, value=Image{width=1000,height=500,url='https://pepper-advantage.com/hubfs/Pepper%20Advantage%20LinkedIn%20SM%20artworks/UK%20Credit%20Awards%20SM%20-%20PA%20Logo.jpg',altText='UK Credit Awards SM - PA Logo',fileId=106053324785}}'}, {id=77459932381, createdAt=1692755609245, updatedAt=1692834954149, 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 1='{type=string, value=How do I change my address within or outside the Republic of Ireland?}', 2='{type=string, value=For any address changes within the Republic of Ireland, please post the necessary supporting Customer Due Diligence (CDD) document(s) for your new address, along with a letter requesting the change, to Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare.A copy (i.e. picture via camera phone or scanned copy as PDF) of two of the following to include your name and home address:
Certified proof of address documents is also accepted. In this instance, and only 1 certified proof of address is required. An original proof of address document via post will also be accepted. A certified copy must be certified by one of the following professionals:
You can update your email and phone number on the account summary screen in the MyPepper Portal, you can register here.
If you have identified personal data, or any other data, that is incorrect through correspondence received or information provided by us in relation to you, we will amend it as soon as we are notified. You can notify us by calling us on 0818 818 181 or by writing to us at Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare.
If you wish to obtain a copy of your personal data and assuming you are the account holder, please:
OR
If you have received an annual statement for the previous calendar year, a breakdown of the yearly interest will be included on your statement.
If you are not in receipt of a statement, or the statement does not cover the period from January to December in the previous year, please contact us to request one which will outline the interest paid for that calendar year.
Yes, when you change your home insurance details, you should provide us with a copy of the revised policy.
You should also advise your insurance provider that you have a mortgage with Pepper Advantage. They will note our interest on your policy and provide you with what is called a letter of Indemnity.
You should forward this letter to Pepper Advantage on receiving it to confirm that our interest has been noted on the policy.
As Pepper are a notified party to any insurance policy in the unfortunate event that a claim is made on the policy, any claim funds paid will be addressed to both the borrower and Pepper.
The claim cheque should be sent to Pepper Advantage along with the below supporting documentation:
For more information or to speak to someone regarding a home insurance claim please contact us on 0818 818 181.
}'}, {id=77477152489, createdAt=1692755609360, updatedAt=1692835000607, 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 1='{type=string, value=I have received a home insurance cancellation letter. What is this?}', 2='{type=string, value=The letter is prompted when Pepper receives cancellation notice from your previous insurer.
We require a copy of the new Home Insurance schedule with interest of Pepper noted.
Post to: Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare
}'}, {id=77477152490, createdAt=1692755609369, updatedAt=1692835011039, 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 1='{type=string, value=How can I find out more about a Personal Insolvency Arrangement (PIA)?}', 2='{type=string, value=The purpose of the PIA is to help people in serious arrears to find the best available solutions, with the help of professionals who have expert knowledge of mortgages, insolvency, bankruptcy and/or repossession.
The PIA has been set up to help borrowers who are :
Insolvent (cannot pay their bills in full as they are due).
In mortgage arrears on their principal private residence; and at risk of losing their home.
In a home that is not disproportionately large for their needs.
You are only eligible to seek a PIA if : You have co-operated under a mortgage arrears process for a period of 6 months with your secured creditor in respect of your principal private residence and the result was that no alternative repayment arrangement was agreed or the secured creditor confirmed it would not put in place such an arrangement. In total, just over 800 PIAs were completed and agreed in Ireland in 2022.
If you think you or someone you know may be eligible for the Scheme you can:
Find out more at www.backontrack.ie
}'}, {id=77477152491, createdAt=1692755609377, updatedAt=1692835013603, 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 1='{type=string, value=Do I need to take any action if my loan is expired, and I continue to make payments by Direct Debit to the Loan?}', 2='{type=string, value=If your loan is expired i.e., the full balance is due at this time and you continue to make payments by Direct Debit, you should contact Pepper to make the necessary arrangements to amend your Direct Debit amount to include the increased interest charged as a result of the interest rate increases.}'}, {id=77459932628, createdAt=1692755609390, updatedAt=1697651118099, 4='{type=option, value={id=1, name='General FAQs', order=0, label='General FAQs'}}', 1='{type=string, value=What do I do if a party to the mortgage has passed away?}', 2='{type=string, value=Bereavement Support - You can notify us of a bereavement by telephone 0818 818 181, our lines are open between 9am to 5pm Monday to Friday excluding bank holidays and public holidays where our dedicated team are available to guide you during this difficult time, alternatively you can write to us at Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare.
Before you get in contact you will need the following details of the deceased person, this is required to locate their account.
We will also require your details:
Following on from your initial contact you will be required to provide the following additional information:
You can notify us of a bereavement by telephone 0818 818 181, our lines are open between 9am to 5pm Monday to Friday excluding bank holidays and public holidays where our dedicated team are available to guide you during this difficult time, alternatively you can write to us at Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare.
Additional useful information that you may find beneficial in guiding you through this difficult time can be located below:
DEATH CERTIFICATES
The official site for ordering a death certificate is https://www2.hse.ie/services/births-deaths-and-marriages/order/death-certificate/
CITIZENS INFORMATION
The Citizens Information Board is where you can get information and advice on public and social services.
www.citizensinformation.ie
Tel: 0818 07 200
THE PROBATE OFFICE
The Probate Office issues Grants of Representation (You will find a list at www.courts.ie).
You can contact The Probate Office at
Probate Office,
1st Floor Phoenix House,
15-24 Phoenix Street North, Smithfield,
Dublin 7
Tel: +353 1 888 6728
MABS MONEY ADVICE AND BUDGETING SERVICE
The Money Advice and Budgeting Service (MABS) is a free, independent, confidential, and non- judgmental money advice and budgeting service for all members of the public. When a loved one passes away, this brings not only emotional trauma, but can also lead to financial challenges.
https://mabs.ie/managing-money/unexpected-life-events/bereavement-and-debt/
If you would like to change the account your Mortgage is paid from, please print out and complete the relevant Direct Debit Mandate (DDM) from My Pepper, or alternatively call 0818 818 181 and we will take your new account details over the phone or issue a DDM to you by post for completion.
When completing the DDM, ensure you include the NEW IBAN number of the account to be debited and return to the address listed on the form.
If you would like to change the account your Mortgage is paid from, please print out and complete the relevant Direct Debit Mandate (DDM) by logging into My Pepper, or alternatively call 0818 818 181 and we will take your new account details over the phone or issue a DDM to you by post for completion.
When completing the DDM, ensure you include the NEW IBAN number of the account to be debited and return to the address listed on the form.
Yes, you can make an Overpayment on your mortgage, you can use a lump sum payment to either:-
If you’d like to make an electronic funds transfer (EFT), you’ll need your IBAN & BIC numbers and your mortgage account number.
Please note if you hold more than 1 account with Pepper Advantage you will need to set up more than one payee for each account.
EFT payments can take up to 3 business days for the repayment to reach your mortgage account. Please log into MyPepper to get Peppers IBAN and BIC.
}'}, {id=77573680086, createdAt=1692838744977, updatedAt=1692838756837, 4='{type=option, value={id=6, name='FAQs', order=5, label='FAQs'}}', 1='{type=string, value=Can I pay by cheque or postal order?}', 2='{type=string, value=Yes, to make a payment by cheque, make it payable to Pepper Advantage and write your full name and mortgage account number on the back.
Please allow ten working days for your cheque to clear.
To make a payment by postal order or a bank draft. Please ensure that you write your full name and your mortgage account number on the back. Please allow ten working days for your payment to clear.
Pepper has not passed on more than the ECB Base rate increases announced between July 2022 and September 2023 and has passed on Variable Interest Rate changes in line with our Variable Interest Rate Policy
}'}]