Mortgage Loan Transfer FAQ Feb 2022
My mortgage loan has been transferred to Mars Capital Finance Ireland DAC. Who are Mars Capital?
Mars Capital Finance Ireland DAC (‘Mars Capital’) is a credit servicing firm.
We will manage and service your mortgage loan as legal title holder.
Mars Capital is regulated by the Central Bank of Ireland.
What does the mortgage loan transfer mean for me?
The ownership of your mortgage has transferred to Mars Capital. Your rights are not impacted, including applicable legal and regulatory protections, and the terms and conditions of your loan remain the same.
Will this have an impact on my existing mortgage loan terms and conditions?
The transfer has not impacted the current terms and conditions attached to your mortgage loan.
I am in financial difficulty; will Mars Capital continue to support me?
Yes. Mars Capital are here to support you as the new owner of your loan. We will be contacting you to discuss the options available or you can contact your dedicated case manager or by calling 1800 816 121 or emailing Info@Marscapital.ie
I would like to speak to someone about my mortgage loan and options available to me. How do I contact Mars Capital?
You can contact the ASU department in Mars Capital by calling 1800 816 121 or by emailing Info@Marscapital.ie. Our phone lines are open Monday-Friday, 9am-5.30pm (Excluding Bank Holidays).
I was previously asked to complete and return a Standard Financial Statement (SFS). Is there a version of this available for Mars Capital and how do I return it?
You can download a Mars Capital SFS on our website by clicking on the Download Centre: https://www.marscapital.ie/warrington/download-centre/
The form along with the supporting documents can be returned via email – Info@Marscapital.ie or by post to; Mars Capital, PO Box 12546, Dublin 2.
If you have recently submitted an SFS to AIB we will review the details and get in touch with you, should you have any queries please do not hesitate to contact us on 1800 816 121.
What will happen to my direct debit?
If you are paying by Direct Debit, there is no action required by you, your Direct Debit will transfer from your previous loan owner to Mars Capital Finance automatically.
If you would like to download a Direct Debit SEPA Mandate to repay in future by Direct Debit, you can download a Mars Capital DDM on our website by clicking HERE.
Do I need to make any changes to my card payment?
If you pay by Debit Card, please contact us on 1800 816 121 to pay via Visa Debit Card. You can also make a payment on our website – please click: https://www.marscapital.ie/making-a-payment/
I currently pay by Electronic Funds Transfer (EFT) do I need to make any changes?
If you pay by EFT, it should be changed to the following details:
Bank: Barclays Bank Ireland PLC, MOLESWORTH STREET, ONE, DUBLIN, Ireland
IBAN: IE90BARC99021244833817
BIC: BARCIE2DXXX
Important: Please quote your Mortgage account number & Surname as the reference.
I have previously appointed a representative to my account to discuss it on my behalf, can they continue to do so?
If a third party is acting on your behalf, you must complete and return a new Letter of Authority (LOA). A LOA can be downloaded at this address: https://www.marscapital.ie/warrington/download-centre/ and further copies can be requested by email – Info@Marscapital.ie or by calling us on 1800 816 121.
I have already agreed an Alternative Repayment Arrangement with the previous loan owner, has this transferred to Mars Capital?
Any agreement that was reached with the previous loan owner will continue to be honoured with Mars Capital now the loan transfer has completed. When your loan is due for review or the agreement is due to expire, Mars Capital will contact you to review your situation. You can contact Mars Capital on the contact details provided above.
I made a complaint to the previous loan owner or service provider. Who will answer my complaint?
Your complaint is not impacted by the sale of your loan. If it was not resolved prior to completion of the loan sale, the previous loan owner or service provider will continue to review and manage your complaint.
I would like to make a complaint; how can I do that?
The ownership of your mortgage loan has transferred to Mars Capital. Your rights are not impacted, and the terms and conditions of your mortgage loan remain the same following the transfer. If you remain dissatisfied and wish to make a complaint, you can do so by emailing: Info@Marscapital.ie or writing to PO Box 12546, Dublin 2, Ireland or by calling us on 1800 816 121.
I have identified an error on my account, who do I contact?
You can contact the ASU department in Mars Capital by calling us on 1800 816 121 or by emailing Info@Marscapital.ie. Our phone lines are open Monday-Friday 9am-5.30pm (Excluding Bank Holidays).
My tracker mortgage/loan is serviced by Mars:
Tracker mortgages are where the terms and conditions of the product and interest rate follow (or track) the European Central Bank (ECB) interest rate and the rate charged on mortgages accounts may increase or decrease in line with changes announced from the European Central Bank.
The (ECB) announced an additional interest rate increase of 0.5% on December 15th.
This will result in an increase on your mortgage interest rate of 0.5% from 1st February 2023. Your monthly repayment amount will also change effective from the 1st of March 2023 to reflect the rate adjustment and reoptimize your account to ensure the principal balance is fully repaid by the end of term.
The Central Bank of Ireland has information available about the ECB Interest rate. Please click this link: https://www.centralbank.ie/
What do I need to do if I have an ECB Tracker Mortgage?
• Mars will be writing to all customers to provide you with the relevant information.
• The rate increase will apply from the 1st of February 2023
• We will advise you of the changes required in your monthly repayment amount, effective on the 1st of March 2023
If you pay your mortgage/loan by direct debit, the new repayment amount will be taken automatically when your repayment changes, per timeline outlined above.
If you pay your mortgage/loan by standing order, you will need to contact your bank to amend your payment amount after we write to you, per the timeline outlined above. A failure to amend your payment may result in arrears and a negative CCR rating.
What is going to happen in the future?
It is likely that there will be further interest rate increases in the short to medium term. Mars Capital will be writing to all customers impacted to provide the relevant information in advance.
What if I have an Alternative Repayment Arrangement (ARA) or a Personal Insolvency Arrangement (PIA) arrangement with Mars?
Your agreed ARA or PIA repayments will remain at the current level until the end of the arrangement or if terminated in advance, however the interest rate will increase in line with the (ECB) rate change. This will reduce the amount of capital repaid on your mortgage during ARA. In advance of the expiry of the arrangement period, we will write to you with the new repayment amount.
Contact Details
If you have any queries, or are worried about going into arrears please contact our Customer Support Team who are available to work with you Monday to Friday, 9am to 5:30pm:
o If you are an Oak Customer, please call 1800 852 940 or, if calling from abroad, +353 1 267 8033
o If you are a Warrington Customer, please call 1800 816 121 or, if calling from abroad, +353 1 526 8580
o If your loan was recently sold in 2022, please call 1800 816 121 or, if calling from abroad, +35315268580
My Standard Variable Rate mortgage/loan is serviced by Mars
Mars Capital are increasing its standard variable interest rates by 1.00%.
Your current mortgage interest rate is linked to the Mars Capital standard variable rate and as a result of this, your interest rate will increase by 1.00%, effective from 1st March 2023, your monthly repayment amount will also change effective from the 1st of March 2023 to reflect the rate adjustment and reoptimize your account to ensure the principal balance is fully repaid by the end of term.
Mars Capital will be writing to all customers impacted to provide the relevant information in advance.
What do we consider when setting our variable interest rates?
There are several factors we consider when we set or change our variable interest rates, these include:
• Cost of funds: We take into account the costs of obtaining funding in respect of the mortgage loans incurred by the owner of such loans and changes in these costs may result in changes to our variable interest rates
• Terms and Conditions: Interest rates are applied in accordance with the terms and conditions of the underlying mortgage loan acquired from regulated lenders. These rates vary from pool to pool and within pools: and
• Market competition: External factors such as activity in the market as a result of new entrants and competitor movements
Please note that the above factors may change over time resulting in subsequent changes to our variable interest rates, we will write to you if there has been any additional changes or impact to your mortgage account.
What do I need to do if I have a Standard Variable Rate mortgage/loan?
• Mars Capital will be writing to all customers to provide you with the relevant information.
• The rate increase will apply from the 1st of March 2023:and
• We will advise you of the changes required in your monthly repayment amount, effective on the 1st of March 2023
If you pay your mortgage/loan by direct debit, the new repayment amount will be taken automatically when your repayment changes, per timeline outlined above.
If you pay your mortgage/loan by standing order, you will need to contact your bank to amend your payment amount after we write to you, per the timeline outlined above. A failure to amend your payment may result in arrears and a negative Central Credit Register rating.
What is going to happen in future?
It is likely that there will be further interest rate increases in the short to medium term. Mars Capital will be writing to all customers impacted to provide the relevant information in advance.
What if I have an Alternative Arrangement or a Personal Insolvency Arrangement with Mars?
Your agreed ARA or PIA repayments will remain at the current level until the end of the arrangement or if terminated in advance, however the interest rate will increase in line with the (ECB) rate change. This will reduce the amount of capital repaid on your mortgage during ARA. In advance of the expiry of the arrangement period, we will write to you with the new repayment amount.
Could you get a different type of interest rate or a lower interest rate?
We encourage you to consider your mortgage options on a regular basis, although Mars Capital as a credit servicing firm does not offer new lending options / products and is therefore unable to offer to provide options in this respect.
It is important to regularly review your mortgage and any interest rate options that may be available to you. Further information on mortgage loans and interest rate options can be found on the following website https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/.
We may however facilitate the settlement of your mortgage loan where you wish to refinance with an alternative provider. If you would like to discuss the above, or if you have any questions about your mortgage, please contact us on LoCall 1800 816 121 or +353 1 526 8580 if calling from abroad.