EBS launches a 4 year Green Rate at 2.1% - but no cashback

[Brendan Burgess]

From a Press Release today

EBS has launched its first Green Mortgage with a 4 Year Fixed Rate of 2.10% for eligible new and existing customers. The rate is available to individuals with a home mortgage whose property has a Building Energy Rating (BER) of between A1 and B3 and a valid BER cert that is no more than ten years old. The Green Mortgage Rate is available regardless of a customer’s Loan to Value (LTV)*.

 

[Brendan Burgess]

So

EBS: 2.1% - no cash back if you are drawing down on this.
AIB 2.2% 5 year fixed >80% LTV - €2,000 for switchers
AIB: 2.15% 5 years fixed <80% LTV - €2,000 for switchers
AIB 2.1% 5 year fixed < 50% LTV -€2,000 for switchers
Haven 2% - 4 year fixed - irrespective of LTV - €2,000 for switchers

 

[Brendan Burgess]

So the EBS does not pay the 3% cash back if you draw down a Green Mortgage

You will not be eligible if...

• You are already a customer who is availing of a top-up or transfer of title mortgage loan; and/or
• You already got an EBS Back in Cash offer for a mortgage loan on the same property
• You are drawing down on any Variable Rate, 1 Year Fixed Rate after the 24 August 2022 or;
• You are drawing down on the EBS Green 4 Year Fixed Rate.

So draw down on the EBS 1 year fixed rate if it's before 24 August 2022. After the 24 August, you will have to draw down the 2 year fixed rate to get the cash back.

Get the cash-back - 2%
Then switch to the Green rate and pay the break fee which should be very small.

Brendan

 

[Brendan Burgess]

I have moved the discussion of why? to a separate thread:

Why do some lenders give lower rates on homes with better BERs?

EBS's 3- and 5-year fixed rates are 2.75%, which is quite a bit higher. Can someone tell me why it gives a 0.65 reduction to a customer with a good BER? This is a huge reduction! Are high-BER home mortgage holders so much less risky? Is it something to do with the kind of regulatory capital...

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