Can we highlight the high SVR rates again?

D

deltrotter

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Hi All,

So do we think it is time to highlight the issue YET again? I was in talking with EBS last week and the lady I spoke with said to me she through the Standard Variable Rate was low. I didnt agree with her. It got me thinking can we highlight this issue again?

I had Richard Bruton call to me over the summer. Friendly guy and I highlighted the Standard Variable Rate to him. I got the below letter in response to my conversation with him

"Efforts to reduce the margin on variable rate mortgatges has proven very difficult. The Dail has offered the Central Bank powers to control these rates, but the Central Bank has said it does not want such powers.

THe Minister for Finance is pressing the Banks to cut them and with some small success. THe Central Bank is going to review the position again. I hope there can be some progress.

There is a committment int he Programme for Government to also get the Competition Commission to examine the market. We really need some new entrants that would put pressure on the Banks in this market".

I am going to contact my local TD's again on this issue. Could people try to do the same? Is there anything else we could do?

Thanks
 
The EBS have saved €3.9m by not passing on the 0.25% SVR rate cut that Haven and AIB passed on to their customers in July.

I think the Fair Mortgage Rates campaign should have done a pre-budget submission if only to keep the topic in the public eye.
 
Wow - 3.9million. I would never have thought the figure would be that high. Just goes to show you how much money they are making at our expense.
 
Hi lads

It would probably be a good time to contact all your TDs and senators.

The FF bill is due back before the Committee stage of the Dail soon. Why not put pressure on the FG and Independent Alliance TDs to make sure that they actively support and prioritise it.

Shane Ross made a name for himself in highlighting consumer issues, but has been completely silent on this. The Independent Alliance ministers would be worth hassling.

If any of you is prepared to talk about the impact of the high mortgage rates on you and your family, I would try to get a newspaper or Prime Time to cover it again. A personal story is far more persuasive than a submission by me.

When the bill comes before the Dáil , I will probably get calls from journalists asking me for the names of people to illustrate the story.

Brendan
 
Hi Brendan/Páid,

Thank you for your help highlighting this issue. I will get cracking contacting all my local TDs and Senators tonight. I have previously spoken with Michael McGrath and Brian Hayes MEP.

Brendan - I would be happy to talk to journalists to cover it.
 
Hi Brendan

I also contacted my TDs like poster above and was told much the same as Richard said. Its proving difficult but the pressure is continually being applied.

Only the electorate can fastrack this change by contacting their local tds as u say.
 
I will contact my TDs again. I've donevthis before and been into the bank more than once to complain. I'll do it all again though. It sickens me that EBS are taking this money out of their customers pockets. They don't give a damn. I'll write the letters but I seriously wonder if any politicians give a damn either
 
I fear I will die of old age waiting for the entrance of the much heralded Frank, or the enactment of this mythical bill of mortgage fairness

Maybe my grandkids will live to see a day where they are not propping up the states coffers and can be a customer on a non-cartel mortgage market
 
I've written to my local TDS again and the minister for finance. Will update as soon as I hear anything.
 
I contacted several TD's, Michael McGrath, etc. In fairness to Brian Hayes MEP he came straight back to me early this morning with the below response:

"I have been following the issue as you know and I've also been following all of the comment around it. We have a long way to go before any fairness can be restored. Obviously I've been putting pressure on teh gov and on the banks to move on the SVR issue and as recently as last week I spoke to the Central Bank as to the best way to proceed.
Collectively we can keep the pressure up on all of the parties.
Best - Brian Hayes MEP
 
I'm stuck with EBS and they know it. I can afford to (and do) double-down and then some on my mortgage yet no bank will deal with me to switch. Ah shur somebody has to cough up for the tracker scandal. 600Eur a month interest, easy money for them
 
Brendan Burgess said:
I think that the main action will be to get Michael McGrath's amended bill through the Dáil as quickly as possible.

https://www.askaboutmoney.com/threads/update-on-fianna-fáil-bill-to-control-mortgage-rates.204674/

If that happens, then EBS could not keep their mortgage rates high for all customers, and attract new business with the 2% cash back.
Click to expand...

I would like to get behind that. Do they only take submissions from groups or do they take submissions from individuals?
 
Foobar said:
I would like to get behind that. Do they only take submissions from groups or do they take submissions from individuals?
Click to expand...

The best thing would be to call in to your TDs in person and tell them how important this is to you.

Call in to radio chat shows and tell them it's important.

Brendan
 
A new entrant is what is badly needed - this would change the playing field, create some bit of competition and I believe drive down rates.. I can't see why there hasn't been a new entrant!!!! I've heard new entrants were coming many times but still no sign! I too am STUCK with EBS:mad:
 
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