PTSB has announced that it has entered into an agreement to transfer a number of mortgage loans to Mars Capital Finance Ireland DAC, trading as Mars Capital (“Mars Capital”). The mortgage loans within the portfolio will continue to be serviced by PTSB for a period of up to six months. At the end of this period, legal title and loan account servicing will transfer to Mars Capital. We have written to all affected customers to outline what this means and identify any action that may need to be taken. If your loan is in the transfer, our Frequently Asked Questions (FAQs) below may be of assistance.
Yes. The transfer of your loan is legally permitted. Loans can be transferred irrespective of loan type or performance and indeed transfers such as this are commonplace in Ireland and internationally.
The loan was included in the sale as it was classified as a non-performing loan in line with regulatory guidelines and definitions for one of more of the following reasons:
The transfer is being undertaken for commercial reasons. Your loan and its contractual position are unaffected by the transfer to Mars Capital, and all terms and conditions will transfer with your loan.
This transfer of loans includes loans that are being repaid on an interest only or part-capital and interest basis. Whilst these loans are currently meeting their monthly payment terms, there is a significant risk that the outstanding capital balance of loans in this cohort may not be repaid in full when the loan reaches maturity. The uncertainty on how the capital balance will be repaid has resulted in the loan being classified as a non-performing loan and this is why such loans are included in this transfer.
The Bank does not have a general discretion to remove loans from the transaction. However, any loan paid off in full prior to the transfer date will not transfer to Mars Capital.
You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.
As per our letter dated 24 July 2024, it is intended that the transfer of your Loan will complete within the next six months (the “Transfer Date”), but no sooner than two months from the date of this letter. The Bank will continue to service your loan and act as your primary contact point until then.
The Bank and Mars Capital will write to you to let you know when the transfer has taken place.
You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.
Your monthly payment will continue in line with with current interest rates and the agreed terms and conditions applicable to your loan.
No, your current mortgage balance, together with any arrears balance, will be owed to Mars Capital. Your prevailing terms and conditions will not be affected by the transfer.
If you pay your loan by Direct Debit, there will be no action required as existing Direct Debits will transfer to Mars Capital. If you pay your loan by another means of payment other than Direct Debit, we will write to you separately on the date of transfer or shortly after the transfer outlining what action you need to take.
Your tracker rate will be unaffected by the transfer to Mars Capital.
Your variable rate loan with the Bank will transfer to Mars Capital as a variable rate loan. The variable interest rate that will initially apply in Mars Capital will be set equal to the variable interest rate that applies to your account in the Bank immediately prior to the loan transfer. Mars Capital may subsequently vary the interest rate according to their interest rate policy. In accordance with regulatory requirements, Mars Capital will provide you with 30 days’ notice for any variable interest rate change.
If you have a Home Loan product then yes, it is possible to move from a variable to a fixed rate with the Bank before the transfer. If you do this the fixed rate will transfer to Mars Capital. The loan will continue to be on the fixed rate until it expires (or until you decide to break the fixed rate). At the end of the fixed rate term the options available will be dependent on the variable and fixed rates (if available) on offer from Mars Capital.
If you have a tracker or variable rate and would like to move to a fixed rate, please contact us on 1800 855 010, Monday to Friday, 8:45am to 6pm (excluding public holidays) to discuss your options. If you are calling from abroad, please call +353 21 601 3700. Please note calls will be recorded for quality, training and regulatory purposes.
Fixed rate products are not available on existing Buy-to-Let products.
If you continue to repay your loan by interest only or part capital and interest repayments, you will owe an outstanding capital balance at maturity or expiry of your loan term. The transfer to Mars Capital does not change this.
It is important that you consider how you will you repay this capital amount in full by the maturity date of your loan.
If you would like to discuss how to plan for repayment of this capital amount, you can speak to one of our dedicated team on 1800 855 010, Monday to Friday, 8:45am to 6pm (excluding public holidays). If you are calling from abroad, please call +353 21 601 3700. After the transfer of your loan to Mars Capital, Mars Capital will engage with you in relation to your capital repayment plan.
The terms of any Alternative Repayment Arrangement (ARA) (e.g. a part capital & interest or term extension agreement) as agreed with the Bank will be unaffected by this transfer and will continue with Mars Capital.
If your ARA is scheduled for review prior to the transfer, the Bank will engage with you to review your individual situation to ascertain whether your circumstances have improved, dis-improved, or remain the same. The Bank will work with you to identify, where possible, the best sustainable long-term solution to repay the capital balance due on your loan in a way that’s right for your situation.
The transfer does not change the terms and conditions of your loan or any new ARA agreed with the Bank.
Any agreed repayment plan agreed with the Bank will continue with Mars Capital subject to the terms and timeline of the plan being met. When your loan is due for the next periodic review, Mars Capital will engage with you to review your individual situation and assess your ability to repay the capital balance due on your loan.
Yes, you can pay off your loan at any time prior to the transfer to Mars Capital by contacting us on 0818 50 24 24 Monday to Friday, 9am to 5pm (excluding public holidays). If you are calling from abroad, please call +353 1 212 4101. Our Mortgage Operations team will inform you of the redemption amount and details of the steps involved in paying off your loan.
Up until the date of transfer to Mars Capital, there will be no change to the servicing of your loan, including your right to avail of PTSB mortgage products, services and interest rates, subject to the terms and conditions of your loan.
After the transfer date, PTSB mortgage products, services and interest rates will no longer be applicable to your loan and you will not be able to avail of these products, services or interest rates. For clarity, the terms and conditions of your loan will remain unchanged by the Mars Capital transfer.
Yes, it should be noted that while we cannot comment on the process to switch your mortgage to another bank, any such application to switch back to PTSB will be reviewed in line with the Bank’s normal mortgage application/switching processes, including our credit policy. Key considerations in the Bank’s assessment of your mortgage application will include a demonstration of your repayment capacity and the ability/willingness to repay the loan which is partly informed by past repayment performance.
After the transfer to Mars Capital, it will no longer be possible to pay your insurance premium as part of your monthly loan repayment.
If you have any insurance policies that are paid as part of your monthly loan repayment instalment, the Bank will write to you separately in advance of the transfer to outline exactly what you need to do.
Yes. If you have more than one mortgage loan with the Bank, it is possible that one or more of these mortgage loans is not included in the transfer to Mars Capital.
Your complaint will not be impacted by this loan transfer. In the event that we are unable to resolve your complaint before the transfer of your loan to Mars Capital, we will continue to explore all resolution options in an effort to resolve your complaint irrespective of the transfer of your loan.
This commitment extends to any complaints being adjudicated by the Financial Services and Pensions Ombudsman.
You can read about our complaints process here.
The transfer of your loan has no impact on your current account / deposit savings account with the Bank.
No. Availing of a COVID-19 mortgage payment break had no impact on the inclusion your loan in the transfer to Mars Capital.
If you would like to speak to someone, please contact us on on 1800 855 010, Monday to Friday, 8:45am to 6pm (excluding public holidays). If you are calling from abroad, please call +353 21 601 3700. Please note calls will be recorded for quality, training and regulatory purposes.
Bankruptcy legislation will continue to apply to any loan that is sold or transferred. Mars Capital is a Credit Servicing Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to the Bank and 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.
Personal Insolvency legislation will continue to apply to any loan that is sold or transferred. Mars Capital is a Credit Servicing Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to the Bank and 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.
Yes, the terms of any restructure agreement or Alternative Repayment Arrangement as agreed with the Bank will be unaffected by this transfer and will continue with Mars Capital where you continue to maintain payments in line with the agreement.
Mars Capital 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.
Mars Capital Finance Ireland DAC, trading as Mars Capital (“Mars Capital”) is a regulated financial services provider, authorised by the Central Bank of Ireland under the Central Bank Act, 1997 as a Credit Servicing Firm. Mars Capital is authorised to provide credit servicing in Ireland.
Mars Capital employes over 300 people in Ireland, operating from their head office in Dublin city centre.
Yes, all customers will continue to be covered by the protections of the Central Bank’s consumer protection codes and regulations up to and after the transfer to Mars Capital.
Like the Bank, Mars Capital is regulated by the Central Bank of Ireland and is required to comply with consumer protection legislation, including Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA). All existing consumer protections applicable to your loan will remain in place.
No. Mars Capital cannot unilaterally change the agreed terms and conditions of your loan.
If you miss a payment or believe that you are at risk of missing a payment after your loan has transferred to Mars Capital, you should engage with Mars Capital at the earliest opportunity to let them know about your financial circumstances.
Mars Capital will work with you to assess your circumstances and try to find a sustainable solution for you.
We will write to you again at the time of the transfer to provide full contact details for Mars Capital and provide all other relevant information.
In the meantime, if you need to speak to someone about your loan or your specific circumstances, our dedicated team can be contacted on on 1800 855 010, Monday-Friday, 8:45am to 6pm (excluding public holidays). If you are calling from abroad, please call +353 21 601 3700. Please note calls will be recorded for quality, training and regulatory purposes.
