Key Post EBS cash back does not apply to Green Mortgages?

sobs17

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Switching immediately to EBS's 4-year green fixed rate (2.1% and you would get the 1% (€2,400) cashback) will save you about €2,800 over the next 4 years.


I am assuming that you would get the €2,400 cashback in January 2026, but you should check this with EBS (and get it in writing if they say that you will get the cashback even if you switch to the green rate)[/B]

From the EBS website appears the 1% would not be possible to move to the green mortgage:
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
  • As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate
 
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From the EBS website appears the 1% would not be possible to move to the green mortgage:
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
  • As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate
What I was getting at here is the following: when you took out your mortgage with EBS (in January 2021), the terms and conditions of the 3% Back in Cash Mortgage Offer were different. Those are the Ts&Cs that apply to you, not the updated ones.

The green rate did not exist back then, and there is arguably nothing in the old Ts&Cs that would allow EBS to deny you the 1% extra cashback in January 2026, even if you now switch to the EBS green rate. The only clause that they could try to use is this one:
We reserve the right to amend, withdraw or terminate the offer or substitute the offer with another or alter the specification of the offer without prior notice. Should the offer be amended, terminated or withdrawn, we will endeavour to inform all affected customers and will provide a similar alternative offer that meets with our regulatory obligations.
but it is not at all clear to me that they could change the terms of the offer for people (e.g., you) who have already signed up to it.

I'd like to hear other people's thoughts on this. @Brendan Burgess @peemac @MrEarl
 
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Hi Paul

Let me see if I understand the issue.

1) sobs17 took out a mortgage when the 3% cash-back was offered. The terms and conditions which applied then are the terms and conditions on the attached.

There is nothing in these which say that someone who has availed of the 3% cash back, can't switch to a Green Mortgage.

2) EBS has clear terms and conditions now. Anyone who applies for the Green 4 year fixed rate does not get cash back.

3) It is up to EBS to set the terms for the Green 4 year fixed rate.
If they wish to offer it to new customers only, they can do so.
In other words, they can say that this product is not available to existing customers.
But in sobs' case, if he applies for this rate and is given it, then he is entitled to the 1% cash back.

4) I am not sure I would ask EBS for this in writing. I don't see any ambiguity and they might write back and say it's not available.

5) Make the switch and get the 1% cash back. If they don't give it to you, complain and go to the Ombudsman.

Brendan
 
Which raises another point.

You can't draw down the EBS Green 4 year fixed rate and get cash back.

But why not
  1. draw down any other rate which does qualify for the cash back
  2. then switch to the Green rate.
There are three rates which don't qualify for cash back
  1. The 4 year fixed green rate
  2. The 1 year fixed rate
  3. The variable rate



Brendan
 
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This is what the Ts&Cs say today.

1656313848805.png

So "moving to a different fixed rate" clearly means anyone moving from a fixed rate to the Green 4 year Fixed rate.
 

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I thought that the following might be a problem, but it's not.

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That is just saying that anyone who chooses a variable rate or a 1 year Fixed rate does not get the cash-back offer.

This exclusion is shown under the EBS Green 4 year fixed rate mortgage, which is confusing. Because if you are applying for the EBS Green 4 year fixed rate mortgage, you are not applying for a variable rate.
 
We reserve the right to amend, withdraw or terminate the offer or substitute the offer with another or alter the specification of the offer without prior notice. Should the offer be amended, terminated or withdrawn, we will endeavour to inform all affected customers and will provide a similar alternative offer that meets with our regulatory obligations.

Hi Paul

That allows them to change the offer before someone has received a mortgage offer.

It does not affect anyone who has drawn down a mortgage.

They couldn't say "We agreed to give you 1% cash back after 5 years, but we have now changed the terms of the offer, so you are no longer entitled to it."

Brendan
 
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That allows them to change the offer before someone has received a mortgage offer.

It does not affect anyone who has drawn down a mortgage.

They couldn't say "We agreed to give you 1% cash back after 5 years, but we have now changed the terms of the offer, so you are no longer entitled to it."
That is what I felt as well.
 
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