EBS Tracker mortgages | Review?

Discussion in 'Issues with tracker mortgages' started by JL77, Mar 20, 2017.

  1. JL77

    JL77 Registered User

    Posts:
    28
    Hi there - wondering if anyone has had any success with EBS related to reinstatement of tracker mortgages? I see a number of posts here with queries similar to mine. I had a tracker, fixed and was not offered the tracker back. The wording on the contract was vague 'applicable variable rate' and a % over the ECB rate for the lifetime of the loan.

    Interested in any feedback - Thanks
     
  2. Truffade

    Truffade New Member

    Posts:
    7
    I am also interested.

    My facts are as follows:

    1. Took out a mortgage with EBS in 2004 on a teaser 1 year fixed rate.
    2. Went onto a tracker rate of ECB + 1.05% in 2005, when the teaser rate expired.
    3. In Dec 2006, we chose to fix for 5 years at 4.84% (seems insane in retrospect but ECB base rate was then 3.25% and rising).
    4. In Dec 2011, we came off fixed and were put onto the SVR.
    I keep a careful record of all correspondence with EBS. There was no advice from them when we went fixed that we would revert to SVR on completion of the fixed period.
    I have sent in a subject access request to them for copies of all documentation sent\signed at that time. Awaiting receipt of same.

    The failure to revert to tracker in Dec 2011 has certainly cost me a lot of money. Not to mention potential future savings. I rang them last year and they said our mortgage was not included in the review - no reason supplied.

    I'd be very open to sharing experiences\advice with anyone here in a similar situation with a view to pressurising EBS on this. Would also love to hear from anyone who succeeded in getting their tracker restored by EBS in similar circumstances.

    If I am flogging a dead horse, so be it. But if there is a chance of restoration, I am more than happy to put the effort in to try and realise that.
     
  3. Truffade

    Truffade New Member

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    7
    Surely it should be possible for someone to review the facts of their own case vs actual successful cases (names and personal information redacted obviously) somewhere online?

    I have no idea if I have a case or not and I can't find any online resource that tells me. Does anyone know if such a resource exists?
     
  4. Truffade

    Truffade New Member

    Posts:
    7
    I contacted EBS on their tracker mortgage helpline (1800 235 461) this morning.

    The guy on the end of the line said that the review was still ongoing and was vague about when it would be completed but that it sounded like my case should certainly be covered by the scope of the review.
    He said that there were two types of forms used for conversion to fixed in 2006 and he would need to pull up the history to find out which one it is.

    A call back was promised. Not holding my breath! I will keep you posted....
     
  5. Bikini Widow

    Bikini Widow Registered User

    Posts:
    22
    Hi All,

    I am also in the EBS Redress mist/fog.
    - Helpline was no help
    - No idea if they will review my case.
    - Last December I engaged service of Padraic Kissane and hopeful some positive movement will happen this year.
    - EBS also sent me the attached when asked to confirm if I was in redress scheme

    Tried to insert as image but not working / will figure it out later

    [​IMG]

    Many thanks
    BW
     
  6. Truffade

    Truffade New Member

    Posts:
    7
    They called back very quickly.

    They found my fixed rate conversion form.

    There is a 'DECLARATION' section which reads:

    I/We wish to convert the balance of my/our loan account to a fixed rate for next 5 years

    I/We understand that when this period has expired the loan will revert to the applicable variable rate then prevailing.

    This seems like bad news. Unless the argument can be made that the implications of this were not explained to us (which they were not).

    Has anyone got a similar wording on their fixed rate conversion form?
     
  7. JL77

    JL77 Registered User

    Posts:
    28
    Hi Truffade

    That is the wording that was used on the fixed rate conversion form. The 'applicable variable rate' is in my opinion vague as my contract states that the rate will remain 1.25% above the ECB for the lifetime or duration of the loan. Therefore some might say that the 'applicable variable rate' is the one stated in the contract. I too was not warned or advised that I would loose the tracker by fixing. However there was a section in the mortgage application form which states that you could loose your tracker once fixed. I think that this also said that you could fix once without penalty. As I went through a broker I never saw this section of the application form and it was not included in my mortgage pack. My solicitor did not see it.

    I think that EBS are using this section of the application form as a 'reason' for not reinstating peoples trackers. I find the way EBS dealt with me to be totally unacceptable.
     
  8. Bikini Widow

    Bikini Widow Registered User

    Posts:
    22
    I have same wording and EBS helpline manager basically told me as I had signed the fixed form with this wording i had not been identified as an impacted person.

    I suspect there may be many more EBS folk who signed this form with for me very ambiguous contract eirfi

    Best wishes,
    BW
     
  9. Truffade

    Truffade New Member

    Posts:
    7
    Last edited: Mar 27, 2017
    Is anyone aware of similar cases from the other banks tracker reviews?
     
    Last edited: Mar 27, 2017
  10. JL77

    JL77 Registered User

    Posts:
    28
    Hard to get any concrete advice on EBS! Some get trackers back others don't. Makes sense - NO.
     
  11. EbsLoannotrafor

    EbsLoannotrafor New Member

    Posts:
    8
    The loan application form is not referred to as part of the loan agreement in our case ( nor was it attached to it)and in our case predated the loan agreement( suspect the same fir others) , our loan agreement which stated that the tracker was for the life of the mortage , I view the tracker as for the life of the loan and my contract rate , i.e. Tracker is the prevailing rate . Ebs said all loans that are trackers being reviewed on the phone but they have in writing made generalised statements about all trackers when I asked for it In writing that I am part of the review . We have decided to alert the central bank so we are included in the review and certain of it , suggest others do the same without delay .
     
  12. Bikini Widow

    Bikini Widow Registered User

    Posts:
    22
    Hi I have the exact same contract wording as Truffade and working on issue with EBS through Padraic Kissane. Have to mention Padriac and his office are great and would recommend their service to anybody suffering with EBS.

    Many thanks,
    BW
     
  13. Frecklesa

    Frecklesa New Member

    Posts:
    8
    Hi bikini widow, I also have the same wording as yourself and truffade , have not sought any professional advice as I was presuming it was a lost cause at this stage after FO agreed with the bank when we submitted an appeal . I know terms of reference have changed since FO decision , does Padraic Kissane think you have a case. Don't want want any specific details but if he thinks you have some chance of tracker return I may get in contact with him also . Thanks in advance
     
  14. Bikini Widow

    Bikini Widow Registered User

    Posts:
    22
    Hi Frecklesa,
    I would give his office a call and discuss options.
    What worked for me was I went in with all my documentation and they reviewed and explained why they thought I had a case. For this initial assessment there was no charge.

    Hope this helps,
    BW