EBS Trackers and Central Bank Review

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TerryF said:
I took out mortgage in 2007 ebs . fixed and no tracker option even though they had them till 2008. Are we included
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Hard to see how you would be.

You never had a tracker. You actively chose a Fixed Rate mortgage.

Hard to argue from the above that you should be included.
 
I'd check my contract.
Most people took out a mortgage, either SVR or Tracker, and fixed for a period.
The mortgage itself would not be fixed for the lifetime.
 
I know it's a difficult one. But they said we could not get one. That should not have been the case.
 
Very same situation with me. Took out loan in 2007 with EBS. Clearly states tracker rate ("variable ECB Base + 1.25%") on signed letter of offer. Mortgage was initially fixed at 4.99%. We had sought tracker rate and was recommended formally in the broker recommendation to us. We have evidence of this. Mortgage reverted to variable at the expiry of the initial fixed rate when we fixed again for an additional 2 years. Should we not have been given the option of returning to the original tracker (ECB + 1.25%) after the expiry of the original fixed period? Do you think we should be in the scope of the Tracker Review Examination? First things first is we will request a full data access request.
 
Yeah I’m in the same boat as several here. Seems EBS are not really engaging or am I missing something? I never hear them mentioned in media reports.

Sorry for the rookie question folks, but I don’t have my original mortgage docs so i need to request from EBS. Is it the contract I should ask for, or the loan offer, or both??
 
They are well aware of it as I have complained over 2 years ago in simliar situation , I had a tracker mortgage and am entitled to it back as their CEO mr Byrne said at the finance committee but he was incorrect and misleading what he said as we have not been redressed . Note they were extremely slow to give documents although that may improve now , they are hoping people will get tired of constantly chasing them , they will quote the application form and ignore the loan offer and loan agreement . We complained to ombudsman and central bank and have been told on hold till the review complete ( which is not reaching its deadlines since it started) , I suggested it is brought to Europe and I see this has now occurred . Even recently we requested a meeting with our branch and ask for in writing an explanation what was different between those redressed and us , we were told we would have a letter within a week that was ...2 weeks ago , these people have no sense of shame or professionalism . So realise what to expect but don't give up !
 
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BurtReynolds said:
Yeah I’m in the same boat as several here. Seems EBS are not really engaging or am I missing something? I never hear them mentioned in media reports.

Sorry for the rookie question folks, but I don’t have my original mortgage docs so i need to request from EBS. Is it the contract I should ask for, or the loan offer, or both??
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Ask for everything, including the form when you switched off your tracker
 
Hi All,

I am in similar position and handed my case over to Padraic Kissane to manage. I would greatly recommend strength in numbers and the more of us that Padraic can demonstrate to EBS and CB the better the overall case.

Best wishes,
BW
 
I think for most of us , we had written on the loan contract agreement ," tracker for the life of the loan" , but yet after fixing where not given the option of returning to this , I note reading the threads there are a lot of people who seem to be with UB and AIB and have been returned to their tracker in simliar circumstances -why not EBS customers .? For us we are considering switching as other banks are offering LTV and percentage bonus , we feel stuck until this is sorted , and EBS aren't offering LTV incentive rates which I think is very strange , as if we are penalised for haveinv paid the mortgage and working it down but yet not sorting out this issue so leaving people like us stuck , hardly customer friendly . Very frustrating .
 
For those who had the same experience as me, which was:
  1. Was on a tracker rate (ECB + 1.05%)
  2. Went from tracker to fixed (2006)
  3. Went onto SVR with no option to switch to tracker when fixed rate term expired (2011)
My fixed rate conversion form stated (this is the exact wording):
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.

The highlighted seems to be key. It's vague, possibly deliberately so.

Has anyone in a similar situation got any advice from Padraig Kissane or similar?
 
In 2006, EBS and all the other lenders were handing out tracker mortgages, so there wasn't any reason for them to intentionally take you off your tracker. They did not appreciate the value of trackers, so it would have been difficult for them to warn you that you would lose your tracker.

This is the sort of issue which will only be determined by the High Court unless the Central Bank convinces AIB to put those affected on trackers.

EBS would argue that "the applicable variable rate" was clearly not intended to refer to a tracker.

You would argue that a tracker is a type of variable rate.

Brendan
 
Brendan Burgess said:
In 2006, EBS and all the other lenders were handing out tracker mortgages, so there wasn't any reason for them to intentionally take you off your tracker. They did not appreciate the value of trackers, so it would have been difficult for them to warn you that you would lose your tracker.

This is the sort of issue which will only be determined by the High Court unless the Central Bank convinces AIB to put those affected on trackers.

EBS would argue that "the applicable variable rate" was clearly not intended to refer to a tracker.

You would argue that a tracker is a type of variable rate.

Brendan
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I'm inclined to agree with you. It all comes down to interpretation. Either could be deemed correct.

And I'm not going to take a High Court case, I don't have the resources to fund it.

The one thing in favour of borrowers like me is probably the current moral suasion being engaged in. Let's see how that goes. If EBS roll over and include mortgages like mine in the review, then great.
 
The loan agreement says "tracker mortgage for the life of the loan ", that is black and white . The bank interpreted it to suit itself , I prefer to deal in facts not moral suasion, which could be interpreted as a means of weakening the argument . Everyone including the banks in particular know , that those who were affected by not having the tracker rate in their loan agreement is not in a position to take them to the high court , hence the role of the central bank or better still Europe . It might be better decided in Europe and the whole sorry mess uncovered for all to see and hopefully then German banks would be allowed into the market here as they fortunately only deal in black and white .
 
We took out our mortgage €319k '07, tracker 5.05 + 1.05%, no fixed term (never went fixed rate at all) the ECB interest rate reductions were applied to our mortgage as they dropped, albeit a month or two later but we got them all the same. We're now on 1.1% tracker as far as I know, we had no communication from EBS at all about the review so I emailed them about 2 weeks ago asking if our mortgage was being reviewed and a few days later got our first correspondence by post saying we were included in the review. To be honest I don't know what to expect if anything at all out of all this!
 
Sounds like you're fine. You have a correct rate. I'd say you're just included in the review because all Tracker mortgages are.
 
This is so true , is it that Aib don't want to take it on even though it is under their governance ?
We asked for a face to face meeting as we have a significant mortgage with someone who can actually answer our questions , they offered someone will ring you ... but we have what is equivalent to a small business mortage , I doubt we would be treated like this if a small business . The culture in ebs is really appalling towards the customer .
Agreed Boi encouraging but will this all depend on who the CEO is?
 
As AIB/EBS has large government shareholding I would hope there is significant pressure being applied due to this.. Also if any of the BOI newly identified BOI cohorts match AIB/EBS ones not yet identified surely this will give additional leverage.
 
We got a letter from ombudsman today , indicating central bank are reviewing and our compliant is on hold, but there was considerable detail in it and was the first time , I felt something serious is being done and we are definitely being considered by central bank. Initially reading it I thought it was from central bank ! As it referred to the Cb work ! It didn't feel like a random letter but certainly said they would then review the compliant if still active after the cb e animation . I will sign off as going to enjoy the Christmas and all it stands for !! Merry Christmas and great new year !
 
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