Start Mortgages to Transfer 11,000 Mortgages to Mars Capital

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In a significant development, Start Mortgages, a firm managing thousands of mortgages, is exiting the market, leading to the transfer of its business to Mars Capital. The servicing of 11,000 mortgages, including a considerable number in arrears, will be shifted to Mars Capital in a move that is expected to take between six and nine months to complete. Start Mortgages to Transfer 11,000 Mortgages to Mars Capital


  • Start Mortgages, originally a subprime lender, serviced a substantial portion of its mortgage book on behalf of vulture funds.
  • Lone Star, the US investment giant, acquired Start Mortgages in 2014. However, despite initial speculation about the possibility of developing into a new bank, it did not materialize.
  • The decision to exit the market has led Start Mortgages to revoke its license, indicating a shift in Lone Star’s interest in mortgage credit servicing operations in this market.

Transition Details:

  • The transfer of servicing rights to Mars Capital is anticipated to be completed over the next six to nine months.
  • During this period, Start’s customers can expect business as usual until the transfer is finalized.
  • Employees from Start Mortgages are likely to migrate to Mars Capital under a Transfer of Undertakings (TUPE) agreement, ensuring job continuity for most staff.

Customer Assurance:

  • Emphasizing that the transaction will not impact borrowers or the terms of their loans, a source assured that borrowers’ rights under Irish loan regulations will remain unchanged.
  • Communication will be issued to customers at the appropriate time, keeping them informed about the transition.

Mars Capital’s Perspective:

  • Mars Capital Finance Ireland, set to take over the servicing rights, expressed excitement about the future collaboration with Start Mortgages’ team.
  • Mars Capital aims to adhere to regulatory obligations and the Central Bank of Ireland’s expectations throughout the transition.
  • The deal’s completion is subject to certain third-party approvals, and once finalized, borrowers’ loans will be managed by Mars Capital instead of Start.

This transition is expected to be seamless for borrowers, with the primary change being the management of their loans by Mars Capital. The move reflects an evolving landscape in the mortgage servicing sector, with Mars Capital positioned to take on a significant portfolio in the Irish market.

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Start Mortgages to Transfer 11,000 Mortgages to Mars Capital

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