EBS rate cut coming?

C

Coldwarrior

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Got a call from EBS last week, I switched from them last year and they wanted to do a 'survey' to find out why and ask how could they have kept my business etc. Interestingly though, the guy I spoke with said they'll have a mortgage rate announcement at the end of this month or early next month, he wouldn't say what the new rates would be but the 2% cashback is going, said they won't even offer cashback to cover legal expenses for switchers.
 
Interesting.

I've been of the view for a while now that AIB/EBS have to make a move on their offering in the coming weeks - they become uncompetitive relative to the rest of the market.
 
AIB annual results announcement is Thursday. Expect some announcement to counter their fall in market share.
 
Initial press release this morning is down playing any concerns about market share, but they are monitoring.

"
AIB continued to lead the mortgage market in 2017. We monitor and balance the considerations of
price, volume and quality as part of our mortgage strategy, reflecting our core customer offering of
lifetime value. Our marketshare of drawdownsfor the year was 33%. We monitor this closely, tracking
our share of applications which grew in the final quarter of 2017 and we have made a good start to
2018. On the housing front, in 2017 we also provided finance and support for social housing schemes
and an enhanced Mortgage to Rent Scheme to help customers in difficulty."
 
I seriously doubt this. New year advertising blitz by EBS regarding cashback. All over billboards regarding the 2% cashback.
 
Is this about EBS or AIB cutts? The thread title says EBS rate cuts, but an AIB press release is quoted above. Is that reelvant, considering AIB cut their variable rates before Christmas, and the EBS rates remained unchanged? Even though AIB own EBS, they seem unrelated as regards rates, at times anyway......
 
username123 said:
Is that reelvant
Click to expand...
Pretty relevant, since it relates to the AIB group, rather than the brand. Or at least I think it is relevant. When AIB group talk about market share as part of a group announcement, they are referring to AIB, EBS and Haven brands.
 
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Based on the indo story I wouldn't be holding my breath for cuts. They account for a third of new loans which is a pretty large share.

Within the group AIB already offer the lowest variable rate on the market so I don't see the business case for cutting variable rates at EBS. If anything they seem to be using the EBS brand to target fixed-rate mortgage. Relative to other providers they are not the cheapest but the cashback offer is the carrot they are pushing. According to their website the cashback offer has been extended to the end of the year so I wouldn't expect any significant movement on its rates while the offer remains.
 
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