EBS EBS Tracker V’s Loan Ofer

RAzvan R

Frequent Poster
Messages
54
Hi All,
I’m looking for advise/direcțion.
In 2004 when we got our mortgage with EBS, the Bank jargon for tracker was variabile base margin not standard variable rate.
The Main loan type options were as follow;
1.Fix Rate
2.Tracker Rate
3.Easy Option - Defered Payment for Year 1.
4.Flexi Payment - Self Building.
For my self and my wife was fix rate for first year than preavailing variabile base which was tracker.
The letter received from EBS state: Due to increase in ECB rate your loan repayment increase by 0.25% - Therefore if is tracking ECB it is a tracker, corect?
In all the forms the variabile base was tracker.
I have the loan type options forms whichthey are part of the aplication with tracker rate at ECB 1%, forms which they have not been provided by EBS on my request.
I can post them here if I’m alowed to do that?
The Tracker Form specify that if you opt out of tracker, but if you start with fix in the first year follow by preavailing variable base which was tracker at 3.25% in 2004 than we should be on tracker rate.
In 2008, I was requesting to lower my tracker bellow 1% if is posibile and I was transfered to Tracker Retention specialist (as per record) and now they change the wording too: I was oferred 1% margin which was allready the case from loanaplication and their reply to my complaint via solicitor was: We dont received the instruction from your client (but they have the record of retention activist).
In the final response letter received from EBS they said that we are not part of the investigation as our account was notovercharged but is still under review and they advise me to contact FSO.
When I contact FSO they told me that they are not dealing with issues longer than 6 years.
In last comunication received from EBS they mention that our variable base rate have been changed to standard variable rate which is not part of our loan ofercontract.
Any advise please?
Apologies for the length of my thread.
 

IdesofMarch

Frequent Poster
Messages
290
By all means post the loan offer and forms to the thread, but redact all identifying information for privacy purposes.
 

RedOnion

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Messages
3,132
The letter received from EBS state: Due to increase in ECB rate your loan repayment increase by 0.25% - Therefore if is tracking ECB it is a tracker, corect?
No. Most of the banks SVR rates followed ECB increases / decreases fir a period. That did not make them trackers. At the time it also his the value of a tracker as sometimes SVR and tracker rates were the same.

Here's a post from another user in relation to AIB that shows where the rates diverged there.
https://www.askaboutmoney.com/threads/aib-standard-variable-tracker-rate.205395/#post-1534601

You can view an archive of all EBS press releases online, and you might find their rate change announcement aligns to your rate changes.

In 2004 when we got our mortgage with EBS, the Bank jargon for tracker was variabile base margin not standard variable rate
Did it say it tracked ECB? I haven't seen any contracts, but this suggests it's a fixed margin above / below a variable rate. That doesn't mean ECB. Remember EBS only started to offer ECB trackers in the 2nd half of 2004. You need to check your loan offer / contract for the term 'ECB'.
 

B26354

Frequent Poster
Messages
254
I also cannot view those images. I would be really interested in seeing them.

Razvan you note that in one of the letters you received EBS state that because the ECB rate has increased by .25% your repayments have also increased by this amount suggesting. What year was that letter?

In 2014 AIB/EBS confirmed in released statements that the reduction in their Standard Variable Rate is not linked to the European Central Bank Base interest rate and therefore does not apply to tracker mortgage holders.
 

RAzvan R

Frequent Poster
Messages
54
I agree with you RedOnion, SVR was allways a “Standard Variable Rate” which sometimes follow ECB rate, but was not the case with EBS Variable Base.

The main loan type options as per inițial aplication dated March 2004 were 4 options as mention above including Tracker (I have all the forms unfortunetly I cant post them because I’m a New Member and is asking for picture or media URL, but I can send them via email to be posted on the same thread, they will help lots of people in the same situation, frequent posters I believe they can insert pictures).
In the Tracker form is mention that is for the life of the loan at ECB +1% and you can change the rate once for the entire life of the loan.
Once you opt out of this option you cant revert.
Standard Variable Rate was not mention in any form, comunication, loan aplication form or loan offer.
The Main loan aplication including the Tracker form as part of the loan type options was separate from the loan offer.
In 2008 in the end of Quarter 4 they change the wording from Due to increase in ECB your loan increase, was changed to your Standard Variable Rate will increase or dicrease SVR which is not part of the contract.
Does not make any sense to me that, fixed margins above/below Variable rate anyway I dont contradict you.
I know what I have it is very clear: Tracker rate ECB +1% for the life of the loan.
The loan offer reads that after 1 Year Fix rate you loan will revert to his Variable Base nothing mention about the Tracker as per Main aplication not provided by EBS on my request.
I will send all the documents to FSO despite the time frame, they said that they will investigate and they will provide further assistance redres depending on findings.
 

B26354

Frequent Poster
Messages
254
You should probably contact Padraig Kissane about this. He will likely have other EBS loan contracts like yours and your evidence will also help him support others with their cases.

It would be good to see those documents but as i’m also a new member I don’t seem to be able to post an e-mail address yet. I’ll try to send you my e-mail address over coming days.
 

RAzvan R

Frequent Poster
Messages
54
The letter date was December 2005.

I’ve just send all the forms/documents via email to Tracker Thieves to post them on the thread.
Hopefully that will bring some clarity and will help more people.

Regards,
RR
 

TrackerThieves

Frequent Poster
Messages
115
I've tried to post the pics but says upload not available when i try copy them,but can upload same documents to a different thread so must be some sort of restriction on this thread as you a new user
 

B26354

Frequent Poster
Messages
254
What thread did you post photos to? Can’t seem to find them.

There is also an EBS “mortgage illustration” document floating around that provides more details on the “variable base rate” definition used by EBS between 2004-2008. This confirms the variable base is the ECB rate that is tracked at a particular margin e.g.1.25%.

I don’t have this document anymore but recall looking at it
prior to drawing down my mortgage at a fixed rate as I expected to go onto this “variable base rate”/tracker after 3 years fixed. EBS put me on an SVR instead.
 

TrackerThieves

Frequent Poster
Messages
115
i didn't, just that there must be a restriction as op is a new user, as i wasn't allowed to upload pic in this particular thread, but it would allow me to upload to other threads. should i start a new 1 and upload there or wait and see if op is permitted after they have 10 posts
 

B26354

Frequent Poster
Messages
254
I guess that would be up to Razvan as they are his documents so he can decide whether you want to start a new thread or wait until he gets to 10 posts. Alternatively you could post them on the other EBS tracker thread in the Central Bank Review forum.
 

TrackerThieves

Frequent Poster
Messages
115
OK, it seems to be a bug or restriction with the software, it seems i can upload all the documents to any thread in the "central bank tracker review" section by just dragging and dropping them but when i try the same with any thread in "issues with tracker mortgages" the reply goes red and says upload not available, ill put @RAzvan R 's documents in a new thread in the central bank section if that's ok
 

RAzvan R

Frequent Poster
Messages
54
There is also an EBS “mortgage illustration” document floating around that provides more details on the“variablebase rate” definition used by EBS between 2004-2008. This confirms the variable base is the ECB rate that is tracked at a particular margin e.g.1.25%.

Hi B26354,
Let me know please if you come across this mortgage ilustration.
Thank you.

Regards,
RR
 

Bikini Widow

Frequent Poster
Messages
76
Hi @ TrackerThieves,

Does Padraic have a copy of this document?

There is also an EBS “mortgage illustration” document floating around that provides more details on the “variable base rate” definition used by EBS between 2004-2008. This confirms the variable base is the ECB rate that is tracked at a particular margin e.g.1.25%.

Many thanks,
BW
 

IdesofMarch

Frequent Poster
Messages
290
Anyone got a printed document from EBS called "Inside Track", it is their jargon buster document. You could find your answers in it!
 

IdesofMarch

Frequent Poster
Messages
290



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If I decide to fix my repayments, will I incur any charges if I want to revert back to my previous repayments ?
No. All we require from you is a written request signed by all named parties on the account stating what you require us to do. This can be done at any tiime.

This is a screenshot of an FAQ from EBS' website is 2006.
 
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