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Have a question?

 

Here you can find a list of our most frequently asked questions.

General FAQs

When will I get my next annual statement?

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.
How do I change my address within or outside the Republic of Ireland?
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.

For any address changes outside of Ireland, adequate supporting Customer Due Diligence (CDD) documents must be received prior to Pepper Advantage making the address change on our loan management system.
What is required for Customer Due Diligence (CDD) for an address change ?

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: 

  • Utility bill (ESB; Gas; Phone - Landline; Waste)
  • Bank statement
  • Tax notice from the Revenue Commissioners
  • Social Welfare document
  • Motor tax document
  • Home or motor insurance certificate or renewal notice OR

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:

  • Garda Siochana / Police Officer
  • Regulated financial or credit institution
  • Practising solicitor / Notary Public
  • Practising Chartered or Certified Public Accountant
  • Justice of the Peace
  • Commissioner for Oaths
How do I update my personal data?

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.

How do I make a Data Subject Access Request?

If you wish to obtain a copy of your personal data and assuming you are the account holder, please:

  • Make your request in writing
  • Ensure that you and where applicable, any joint party making the request, authorise (i.e., sign the request).   
  • If you place your request via telephone, we will respond in writing to acknowledge the request. However, we will not be in a position to process your request until such time as the documents required to verify your   identity, as outlined below, have been received.       
  • To establish identification (ID) and to protect the security of your personal data, we require one of the following: 2 copies of your ID and that of each party to the Loan, who are to be included in this access request, e.g., 1 passport and 1 driving licence or other acceptable photographic ID.

OR

  • 1 certified copy of your ID and that of each party to the Loan, who are to be included in this access request. This must be certified as a true and accurate copy by any of the following: solicitor, public representative, member of An Garda Siochana, or clergyman.
  • Where one party on a joint account is making the request, we only require ID from that party and information relevant to that party only will be provided to them.
  • If all parties on a joint account are making the request, all parties are required to provide
  • their ID and information for all parties will be issued in the pack to each party.  
Can I authorise someone to deal with my account on my behalf?
Yes, at your request and with your written consent, Pepper Advantage must liaise with a third party nominated by you to act on your behalf in relation to an area's situation only, should it arise. Please note, this does not prevent Pepper Advantage from contacting you directly, in relation to other matters, or issuing communications required under the Code of Conduct on Mortgage Arrears (CCMA) or other regulations directly to you.
How do I request a redemption statement?
If you require a redemption statement please contact us on 0818 818 181.
Interest Certificate Request?

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.  

Can I reduce the term of my mortgage?
You can reduce the term of your mortgage by paying a lump sum off your mortgage and requesting in writing that the term is reduced.
What's the difference between Interest Rate and APR?
The Interest Rate is the actual rate at which interest is charged on the amount you borrow.
APR stands for Annual Percentage Rate which is the total cost of your mortgage over its term, considering the interest rate charged and any other fees.
I have changed my home insurance. Do I need to update Pepper Advantage?

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.

I have changed my life assurance policy. Do I need to update Pepper Advantage?
Yes, when you change your life assurance details, you should contact us so that we can forward you a deed of assignment to be completed and returned with the original replacement policy to Pepper.
What is the Building Insurance claims Process?

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:

  • Proof of commencement of works (where applicable).
  • Proof of costs incurred in the repair of any loss or damage to the property and its content.
  • Before and after photos of the property at time of the accident (where applicable).
  • Report carried out by the insurer and/or loss assessor. 
  • Engineers report if there was structural damage to the property.

For more information or to speak to someone regarding a home insurance claim please contact us on 0818 818 181.

I have received a home insurance cancellation letter. What is this?

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

How can I find out more about a Personal Insolvency Arrangement (PIA)?

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:

  • Contact a PIP directly, PIPs are qualified professionals, regulated by the Insolvency Services Ireland.  They will carry out an eligibility assessment, or
  • Contact a MABS office or the MABS helpline (0818 07 2000). They will carry out a short eligibility assessment and refer the person to the appropriate service.

Find out more at www.backontrack.ie 

Do I need to take any action if my loan is expired, and I continue to make payments by Direct Debit to the Loan?
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.
What do I do if a party to the mortgage has passed away?

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.  

  • Name, address, date of birth & date of death.

We will also require your details: 

  • Name, address, date of birth & relationship to the deceased.  


Following on from your initial contact you will be required to provide the following additional information:

  • A copy of the death cert.       
  • Any life assurance policy that the deceased had in place.  You should contact the insurance provider, as monies paid out under a life assurance policy may repay some of, or all of the outstanding mortgage account balance.
  • The name of the executor of the estate (if there was a will in place)


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/ 

Payment FAQs

What is a Direct Debit payment?
A direct debit is an automatic payment you can set up to pay your mortgage. If you wish to set up a direct debit, you can do so by either: 
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.
How can I amend or cancel a Direct Debit?
In order to amend a DD payment, you must contact Pepper Advantage before the DD is sent for processing.  This is usually 10 days before your due date.  Otherwise the amendment can’t be enforced until the following month. To cancel a DD payment you must contact your bank and notify Pepper Advantage of such cancellation. 
I would like to change the bank account I make my direct debit payments from. How do I do this?

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.

Do I need to change my direct debit payment for the increased monthly payment?
No, if you pay your Loan by direct debit, the new Loan repayment amount will be automatically taken when your Loan repayment changes.
I currently make overpayments to my Loan by a fixed Direct Debit amount, what do I need to do if my monthly repayment increases, i.e. following interest rate increases?
Your existing overpayment will remain unchanged, however, if you wish to make further additional payments or if the increase will be more than the existing overpayment amount, you should contact us on the contact details provided and we will arrange for the overpayment amount to be changed. 
Can I change the date my Mortgage is paid on?
Yes, you can change the date you pay your mortgage by contacting us on 0818 818 181 and we will walk you through the steps to process your request.
Can I change the account my mortgage is paid from?

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.

Can I make an Overpayment on my Mortgage?

Yes, you can make an Overpayment on your mortgage, you can use a lump sum payment made to either 

  • Reduce your monthly scheduled repayment amount or 
  • to reduce your mortgage term  or 
  • you can increase your monthly mortgage repayments and use the additional payments to reduce your term or outstanding balance.  
    Please contact us if you wish to discuss these options. 
Can I pay be debit card and/or credit card?
You can make a payment by debit card in the account holders name.

You can make a payment online by registering for the MyPepper portal by clicking here or alternatively you can call us on  0818 818 181 and we will take the payment over the phone.

Please note payments cannot be made by Credit card.
Can I pay by electronic funds transfer (EFT)?

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.

Can I pay by cheque or postal order?

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.

I pay by standing order/ cheque, Bank Transfer, Debit Card what do I need to do?
You will need to make the necessary arrangements to amend your payment amount when you receive the payment change notification letter.

Mortgage Repayment FAQs

What should I do if I’m finding it difficult to make my monthly loan repayments?

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.

What is the MARP process?

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:

  1. Communication

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.

  1. Financial Information

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.

  1. Assessment

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.

  1. Resolution

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.

What is a Standard Financial Statement (SFS)?

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.

 

Please see link.

What is an Income and Expenditure (I&E) form ?

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. 

What is the difference between the Standard Financial Statement and the Income & Expenditure form (I&E?)
The information required to complete the SFS and I&E are the same.  

The only difference is the SFS is used by customers in the Mortgage Arrears Resolution Process (MARP) and explains the steps in the process that are applicable to cases in the MARP and the I&E  is the same document as the SFS but is for use on accounts which are outside the protections of MARP.
I need help completing the Standard Financial Statement (SFS) or and Income and Expenditure (I&E) form ?
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 SFS, or download a copy of the I&E, where applicable. There are options available if you need help:

Consumer Guide to Completing the Standard Financial Statement: The Central Bank of Ireland published this guide to assist borrowers with the completion of the SFS. This guide is useful as the SFS and I&E forms we use for regulated or unregulated cases in arrears – whether for a primary residence or a BTL – require similar information. Click here to download a copy of the guide. 

MyPepper: You can now fill out and submit your SFS online, which is usually quicker and easier than using paper forms. You’ll be able to save your SFS as you go, which means you can come back to it later if you need more information. When your digital SFS is complete, you simply press “submit”. Register with MyPepper to complete your SFS 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, 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.
Can I meet with someone to discuss my mortgage?

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.

For my Primary residence, I have received an Alternative Repayment Arrangement (ARA) decline letter. Are the other options that are available to me?

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.

I have received a letter stating I am not co-operating. Are there any options available to me?
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.

Buy-to-let Mortgage FAQs

What should I do if I’m finding it difficult to make my monthly mortgage repayments?

We are here to help.

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.

What is an Income and Expenditure (I&E) form ?
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).
What is the difference between the Standard Financial Statement and the Income & Expenditure form (I&E?)
The information required to complete the SFS and I&E are the same.  
The only difference is the SFS is used by customers in the Mortgage Arrears Resolution Process (MARP) and explains the steps in the process that are applicable to cases in the MARP and the I&E  is the same document as the SFS but is for use on accounts which are outside the protections of MARP.
I need help completing the Standard Financial Statement (SFS) or and Income and Expenditure (I&E) form ?

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.

Can I meet with someone to discuss my mortgage?

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.

Commercial Loan FAQs

What should I do if I’m struggling to make my monthly commercial loan repayments?
Please call our Commercial Team on 0818 882 241 as soon as possible. You have options, and we are committed to working with you to find a solution. Our team is available Monday to Friday, 9am to 5pm.
Can I meet with someone to discuss my loan?
Yes, please call us on 0818 882 241 and we will arrange a meeting in our offices, or another location that is convenient to us both. We prefer to meet in a Pepper office as this provides a secure and private environment for everyone, and we can do this in person or over video call. You may wish to bring a trusted adviser or accountant with you if you feel this would be useful. Contact us in advance if you wish to have a third party attend the meeting with you.
What happens if I don't agree with your solution?
Where a repayment arrangement cannot be agreed you are still required to meet the scheduled repayments on your commercial loan and failure to do so may result in Pepper appointing a Receiver, initiating legal proceedings or repossessing the secured property.
How can I appeal your decision?

You have the option to appeal a decision to our dedicated SME Appeals Board if you are not satisfied with:

  • the withdrawal or reduction of your commercial loan,
  • a special term or condition required in order to provide you with an alternative arrangement,
  • our refusal to offer you an alternative arrangement,
  • your refusal to accept an alternative arrangement offered to you,
  • having been classified as "not co-operating"

 

Appeals must be submitted in writing to the Appeals Board within 20 working days from the date you are notified of a decision.

ECB Base Rate for Tracker Mortgage FAQs

How is Pepper responding to the latest ECB decision in relation to reducing interest rates?

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.

What is a tracker mortgage?

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 

I have a Tracker Mortgage, what does the recent ECB Base rate change mean to my tracker mortgage?
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. 
Why do ECB interest rates change and what is the impact on mortgage interest rates?

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.

When will the rate changes announced by the ECB take effect on my loan account?

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

How much will my payments change by?

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.

Alternative Repayment Arrangement FAQs

I have an agreed Alternative Repayment Arrangement (ARA) with Pepper. How does ECB rate changes affect the arrangement?

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.

I have an agreed Personal Insolvency Arrangement with Pepper. How does ECB rate changes affect the arrangement?

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.

I have a Split Mortgage. How does this rate change affect the arrangement?

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.

 

Variable Interest Rate Increase FAQs

What is a Variable Interest Rate?

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.

Does Pepper have a Standard Variable Interest Rate?

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. 

How are decisions made in relation to Variable Interest Rates?

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.

I have a Variable Interest Rate mortgage with Pepper, what do the interest rate changes mean for my loan?

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.

I am concerned that I won’t be able to make the repayments in relation to the Variable Rate on my Mortgage?

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.

Has Pepper passed on all of the ECB Base rate changes announced from 2022 to date to Variable Interest Rates?

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

Fixed Rate Mortgage FAQs

Does Pepper offer fixed rate mortgages?

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.

 

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?

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.

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?

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.

General Interest Rate FAQs

Do I need to change my direct debit payment for increases to my monthly payments?
No, if you pay your Loan by direct debit, the new Loan repayment amount will be automatically taken when your Loan repayment changes.
I pay my mortgage by Standing Order/Cheque, Bank Transfer, Debit Card. What do I need to do for increases to my monthly payments?
You will need to make the necessary arrangements to amend your payment amount when you receive the payment change notification letter.
I am concerned that I won’t be able to make my mortgage repayments due to the increase in interest rates or the rising cost of living (or both); what are my options ?

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.

I have an agreed Alternative Repayment Arrangement (ARA) with Pepper. How does ECB rate change affect the arrangement?

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.

I have an agreed Personal Insolvency Arrangement with Pepper. How does ECB rate changes affect the arrangement?

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.

Are the interest rate increases consistent with the terms and conditions of my mortgage?
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. 

When loans are transferred to Pepper, we review the loan agreements and the related terms and conditions to ensure we fully understand our new customers contractual rights and the contractual obligations that Pepper must uphold, including the detailed provisions around interest rates.

Pepper will always respect a customers existing loan terms and conditions without exception as required by law and regulations.  
I have a Split Mortgage, how do interest rate change affect the arrangement?
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 is variable, we will notify you ahead of any changes the Variable Interest Rate. Your notification letter will let you know the reason for the change and its impact on your loan repayments.
Does Pepper benefit from the interest rate increases?
Pepper does not receive any direct economic benefit from the increase in interest rates. The interest rate increases being passed on cover the rising cost of funds being incurred by the beneficial owner of the loans, who are currently facing higher funding costs for mortgages they own.
I have a Price Promise product, will my rate/payments increase when interest rates increase?
Price Promise is a variable rate mortgage, that will never be more than a margin (1.4%/1.50%) over the published ECB base rate. When changing variable interest rate products, Pepper will write to you in advance, providing 30 days’ notice of any interest rate change. Notifications relating to interest rate changes will detail the reason for the change and the impact of the change on your Loan repayments.
Can I fix my interest rate on my mortgage at Pepper?

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.

How can I find out how much my new repayment will be after the rate on my account increases?
You will receive correspondence from Pepper when the interest rate increase is applied to your account. This letter will notify you of the new monthly repayment amount, after the interest rate increase is implemented along with the date that the new repayment will take effect from.
Can I switch my mortgage to another lender?

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.

I currently make overpayments to my Loan by a fixed Direct Debit amount, what do I need to do if my monthly repayment increases, i.e. following interest rate increases?
Your existing overpayment will remain unchanged, however, if you wish to make further additional payments or if the increase will be more than the existing overpayment amount, you should contact us on the contact details provided and we will arrange for the overpayment amount to be changed.
Do I need to change my direct debit payment for the increased monthly payment?
No, if you pay your Loan by direct debit, the new Loan repayment amount will be automatically taken when your Loan repayment changes.

Mortgage Redemption FAQs

Do I need consent from Pepper Advantage to sell my Mortgage Property?
There are a number of factors to be considered if you wish to sell your property.
Generally, if you only have 1 property with one loan agreement with Pepper Advantage and the sales proceeds will clear the outstanding liability then you may sell the property and you do not require consent from Pepper Advantage. 
If you have more than one property or have multiple loans attached to one property, then you will require Pepper Advantage's consent prior to selling the property.  

For Pepper Advantage to make a formal decision regarding the sale of a property the following is required:
Sale Price
Breakdown of sale related fees
Status of sale including marketing history
Can I switch my mortgage to another lender?

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.

Do I need a solicitor to pay off my mortgage early?
It is always advisable to engage the services of a solicitor or legal professional when going through the redemption process.
How do I access my deeds?
Your deeds will be released either to yourself or your solicitor once your mortgage has been paid in full. If your solicitor needs to see the deeds before settling your mortgage, they can request an accountable trust receipt (ATR) - a document your solicitor signs acknowledging that the deeds are only for the purposes of preparing your redemption or contract of sale. 
What happens once my mortgage account is closed?
The mortgage account will be closed once all funds have been paid. Once the closing process completes, your deeds will be released.
What payment methods do you accept for final redemption payments?
We accept Bank draft, Cheque or EFT (Electronic fund transfer).

Deeds ATR request FAQs

What is an ATR?
ATR stands for Accountable Trust Receipt.  When Title Deeds (property ownership documents) are required by your solicitor and there is a balance outstanding on the mortgage, the deeds are sent out on what is known as “Accountable Trust Receipt” to your solicitor for review/ or where the secured property is being sold and the Solicitor requires the Deeds to prepare a contract for sale. The deeds are sent to your solicitor on loan for a specific purpose, which the Solicitor will detail in their request, and Pepper Advantage reserve the right to recall the deeds at any time.
Is there a fee to take the deeds on ATR?
Yes, there may be a fee charged for this service, please contact us at 0818 818 181 to confirm the applicable fee.
What do I need to do to get the deeds sent out on ATR?
We can issue deeds on ATR if we receive the request from a Solicitor together with the written authority of all the borrowers on the account and the associated ATR fee.
What is the turnaround time for sending the deeds out?
All deeds are held in a secured location offsite. It generally takes 10-15 working days from the time we receive the request from a Solicitor, together with a borrower authority and the associated fee, to issue the deeds. 
How are deeds sent?
Deeds are either sent to your solicitor by DX (Document Exchange used by Solicitors) or by registered post 
I’ve paid off my mortgage – how do I get my deeds?

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

What is a ‘vacate / deeds on final receipt’?

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”. 

My Loan is repaid in full and I have received a letter notifying me of an interest rate increase.
If you have repaid your loan in full, you should disregard this letter as the interest rate change will not impact your loan.

Contact FAQs

How do I appeal a decision about my mortgage?

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

How do I update my personal details?
You can update your email and phone number in MyPepper Portal.
If you noticed that your details in our correspondence are incorrect, please let us know on 0818 818 181 and we will update it.