Mr. C.J.H.
Registered User
- Messages
- 68
I have an EBS Mortgage, it has about 12 months left to run on a 3 yr fixed rate of 5.05%. Recently when reviewing my account via the EBS Online service, I noticed that only the money paid directly be me by direct debit is being applied to my mortgage balance. Essentially, meaning that although the EBS is collecting TRS from the Revenue Commissioners on my behalf (single 1st time buyer) they are not applying it off the mortgage balance. When I queried this on friday I was told it was something to do with a security balance i.e. they keep it seperate in case I break the fixed term, which to me sounds ludicrous! And of course means that I am paying interest on an increasing balance rather than a decreasing one, as despite never missing a payment (not interest only either) and actually paying extra every month I apparently owe more now than when I initially drew down the mortgage.
I intend pursuing it with EBS myself, but has anyone experienced this or know if this is standard practice?
I intend pursuing it with EBS myself, but has anyone experienced this or know if this is standard practice?