Brendan Burgess
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http://www.independent.ie/business/...-for-new-and-existing-borrowers-36199181.html
Haven's rates are now the same as AIB's.
Brendan
Haven's rates are now the same as AIB's.
Brendan
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Haven cuts its rates for all borrowers, but EBS yet to cut theirs.
- Thread starter Brendan Burgess
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Brendan Burgess
Founder
- Messages
- 52,116
Brendan Burgess
Founder
- Messages
- 52,116
Last edited:
No. Break fee calculation has nothing to do with the banks variable rate, but is linked to their cost of funds (wholesale rates).
lledlledlled
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I bet they don't.
If they don't, it will show the impact that cash back is really having on customer decision making.
lledlledlled
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I can see the attraction of their cashback deal, regardless of how they treat existing customers. I went for it myself, but intend to leave ASAP.
The current lending regulations appear to incentivise people buying houses in perfect condition, as a bank won't lend you money against your mortgage for renovations. So the 2% Cashback comes in very handy if your house requires some repairs.
If it was easier to borrow against your mortgage, up to a limit of say 2% of the mortgage value, I believe the cashback offers would become much less popular.
Just adding my 2 cents here, I switched to EBS early this year from BOI. Was on SVR in BOI so along with the cashback it made sense for me to change at the time. I have been in contact with my local EBS manager asking the question about the rates and he advised that their is a big EBS meeting next Thursday and it will be a major point of that so he should have more clarity then.
2blacklines
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That is encouraging. Currently have a loan offer with PTSB for their 2% cashback as I bank with them but would be tempted away from them if EBS can match AIB/Haven rates.
I doubt they will be matching AIB rates if they even give a reduction at all.
Brendan Burgess
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I really like that image and could motivate people to switch.
It would need enough development to make it still visual but not too much to lose the impact. There is a series of €50 note with your name on them on the other side of road. You have to get permission to cross the road, but that will be automatic. Then you have to walk down the road to a set of traffic lights to cross. Then once you have done that, you pick up €50 every week.
Or else you can just stay on your own side of the road and watch the €50 being picked up by a banker. And he winks at you every week.
Brendan
You could also have a solicitor dressed as a lollypop-person who charges you €1000 to cross the road....
And after crossing, the banker on the other side gives you €3000....
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Even if EBS dropped by 0.55% (which obviously is not going to happen), you still make money by switching
I drewdown on a mortgage with EBS last week (lucky me) and I am on the fixed rate for a year. Does this mean I cannot change the rate (if they do lower it) to a lower fixed rate if offered or to variable ? If I do so will there be a breakage fee? Thanks in advance.