Z
Zoo_lander
Guest
Wanted to post our experience with Haven mortgages (EBS) this week.
On the 12th of May we received our mortgage offer from them via our broker at a rate of 5.1% (3 year fixed) - paperwork was processed with our solicitor that week and the offer was accepted.
This week we moved into our new home 15th July - however the day before we received a letter from Haven which detailed that the rate we agreed on 12th May had increased to 5.9%.
Bottom line - our mortgage repayments have gone up by €250 per month.
When we probed this with our broker they pointed out the small print which indicated that rates can change prior to the drawdown.
But our issue is notification - we were only notified of this change in rates by post (and even then the latter simply featured the new rate for us to work this out ourselves) the day before we moved in - the very day money was being drawn down.
Had we known about the change of rate, we would not have locked ourselves into this for 3 years.
Now we are looking at €250 extra per month which is a big bite on a mortgage that was already pushing us to our limit, facing a penalty charge if we want to break from our 3 year fixed rate and both Haven and the brokers are saying that they are fully entitled to do this.
Anyone else have this experience?
Thx
Z
On the 12th of May we received our mortgage offer from them via our broker at a rate of 5.1% (3 year fixed) - paperwork was processed with our solicitor that week and the offer was accepted.
This week we moved into our new home 15th July - however the day before we received a letter from Haven which detailed that the rate we agreed on 12th May had increased to 5.9%.
Bottom line - our mortgage repayments have gone up by €250 per month.
When we probed this with our broker they pointed out the small print which indicated that rates can change prior to the drawdown.
But our issue is notification - we were only notified of this change in rates by post (and even then the latter simply featured the new rate for us to work this out ourselves) the day before we moved in - the very day money was being drawn down.
Had we known about the change of rate, we would not have locked ourselves into this for 3 years.
Now we are looking at €250 extra per month which is a big bite on a mortgage that was already pushing us to our limit, facing a penalty charge if we want to break from our 3 year fixed rate and both Haven and the brokers are saying that they are fully entitled to do this.
Anyone else have this experience?
Thx
Z