EBS interest rate hike from 1st May

http://www.rte.ie/business/2010/0409/mortgage.html

Hi All,
I was wondering if someone could tell me something about the above rate hike.
We are due to draw down a mortgage from EBS and are going to take a 3 year fixed rate. The rate we were quoted is not set in stone I was told and it may change before we draw down the mortgage some time in May. I was wondering if the rate hike stated above (EBS said it would lift in variable rate by 0.6 points from May 1) means that the fixed rates will change also or is it just the variable rates that are effected?

Thanks for any advice...


Mullingar

I'm in pretty much the same position as you except that I'm hoping to draw down before the may 1st but don't know if the hike will take effect on new mortgages before then...Did you call your local branch? I been trying to contact my branch manager today without any luck so am still in limbo.

The rate will be the actual rate the day you drawdown the mortgage i.e. the day you get the cheque. You need to push your solicitor to get the deal through before May 1st if possible.

I was just wondering though if the rate increase is just for variable rates or will there be an increase in the fixed rates for people opting for that after May 1st?

just talked to ebs this morning. the interest rate will affect fixed also. but if you get your cheque issued before 1st may the old rates will still apply.

I spoke to EBS also this morning, sounds like all rates are going up except if you are in a tracker.:mad:

I suppose my next question is then can you draw down your mortgage before you actually move into the house? Like could I draw down the mortgage on the new house and give the current owners a week or so after that to move out?

i drew down my mortgage 2 weeks before i moved in. the solicitor kept the money until the final touches were put to the house by the builder. reason was the insurance policy would have had to be extended by a month as the bank insisted it be for 30 years and not 29 years 11 months...but be warned if you do draw down early then you are commited to the mortgage with the bank

I have an interest in the EBS fixed rate saga, for new business, for a relative of mine currently going through the process, having got Approval in Principal, and house now almost ready, just snagging to complete deal.

Was quoted originally, about 2 weeks ago, rate of 3.49% for 3-yr. fixed.

Was contacted by EBS Direct Advisor day before yesterday, saying 3-yr fixed rate for New Business is now 3.75%.

Right enough, this rate is now showing on the [broken link removed].

I think this is a bit sneaky, as there is no notice period given, no announcement, no nothing, just the rate change.

We had been under the impression that the fixed rate increase would be notified, and would come into effect in May, as per the Variable increase, and their Broker focused Haven.

see here for info.