EBS What does an EBS "Variable Base Rate" mortgage mean?

Discussion in 'Tracker Redress' started by tonymac, 31 Jan 2018.

  1. B26354

    B26354 Frequent Poster

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    2500 approx.
    EBS mortgage portfolio from 2010 attached.
     

    Attached Files:

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  2. pguyo

    pguyo Frequent Poster

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    And the cost to ebs could be anywhere between 75 to 100 million???? They had pre tax profits of 223 million in 2016 and they dont pay tax so they should be forced to take this hit if the CB have the balls for it.
     
  3. deansmith27

    deansmith27 Registered User

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    Anyone here had their case reviewed by Padraic Kissane?

    Has he signalled the variable base cohort may be next for redress?
     
  4. B26354

    B26354 Frequent Poster

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    No one knows if a cohort is next in line for redress as there is no feedback from the CBI on any specific cohorts.

    Currently all we know is that the CBI invertigstion of EBS & Variable Base group continues; the CBI want variable base customers to send them evidence about this issue but they will offer no feedback on that information or status of this issue; EBS are telling variable base customers that they are not impacted but the CBI examination of this cohort will not be concluded until end of this year; PK has told the finance Oireachtas committee in March that variable base customers should be deemed impacted.

    Make of all that what you will! Likely to rumble on for a few months but I believe there is more than enough evidence to support the argument that the term is deeply ambiguous and therefore the customers case should be favoured.
     
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  5. haveaniceday

    haveaniceday Frequent Poster

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    Hi There - re this
    the CBI want variable base customers to send them evidence about this issue

    I have not sent the details of my case to the CBI only to ebs and PK - should I have? I will now if so - who should I address it to etc?
     
  6. B26354

    B26354 Frequent Poster

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    Yes. Send it to
    enquiries@centralbank.ie
     
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  7. YerGrand

    YerGrand Registered User

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    Does anyone with a VBR have an original Tracker mortgage application?
     
  8. deansmith27

    deansmith27 Registered User

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    Yes. Further info posted earlier in this thread.
     
  9. YerGrand

    YerGrand Registered User

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    Thanks @deansmith27. On your tracker mortgage application did it show a fixed rate and how was it worded? I see @pguyo had a fixed rate at 4% BASE followed by VBRon expiry. What is this fixed BASE rate? Was it fixed at a margin above ECB?

    I ask because I have discrepancies in my own paperwork I'm trying to figure out, thank you.
     
  10. deansmith27

    deansmith27 Registered User

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    Last edited: 26 Sep 2018
    Hi

    See attached tracker application which does not refer to a base rate. The margin is 1.25% above ecb repo rate.

    A base rate is shown in a part of my original loan offer which also has discrepancies. This rate is 4%. Loan offer signed August 2006.
     

    Attached Files:

    Last edited: 26 Sep 2018
  11. B26354

    B26354 Frequent Poster

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    What date in August? ECB base rate went from 2.75% to 3.00% on August 3rd 2006.
     
  12. YerGrand

    YerGrand Registered User

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  13. haveaniceday

    haveaniceday Frequent Poster

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    What does an EBS "Variable Base Rate" mortgage mean?

    Just getting back to the start of what this thread initially asked i.e what does an EBS Variable base rate mortgage mean ?

    So I requested a tracker - and I have proof of this -

    Following this I was given a loan document with a term Variable Base Rate

    and a rate 5.25% that reflected exactly the rate advertised on the EBS website at that time for the tracker rate i.e. 5.25%

    NOW I Know there was no communication back to my broker saying the requested the tracker was refused

    there is simply NONE.

    So there is no other explanation other than when I received my loan offer the Variable base rate was or should have been the tracker loan I had requested.
     
  14. B26354

    B26354 Frequent Poster

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    Seems like a similar scenario to @deansmith27

    I think all of EBS’ variable mortgages between 2004-2008 are tracker rates but the contracts underpinning these mortgages are inconsistent, ambiguous and when investigated en masse don’t stand up to scrutiny. This issue of poorly worded contracts across the banks pre crash has been highlighted by CBI already and the EBS variable base cohort definitely falls under that category.
     
  15. deansmith27

    deansmith27 Registered User

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    Tracker application is dated 19/06/06 and the loan offer is dated 03/08/06 hence the 2.75%+the 1.25% margin would give the 4% base rate.
     
  16. YerGrand

    YerGrand Registered User

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    thanks haveaniceday. did you ever go fixed or is it that you signed a tracker application which ended up being a VBR?

    For anyone who went to PK, did you lodge a complaint direct to the Ombudsman or did you get PK to do it? Not the appeals but the actual complaint, thanks.
     
  17. deansmith27

    deansmith27 Registered User

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    Hi haveaniceday

    I 100% started on a tracker because my payments were much lower than any other time over the subsequent years. I know I was fraudulently transferred to a SVR because at a no time after 2008 did my mortgage fall below the payments in 2006 yet the ECB was at historical lows.
     
  18. B26354

    B26354 Frequent Poster

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    Bingo!
    What was your rate at draw down of loan? 4.25%?
     
  19. B26354

    B26354 Frequent Poster

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    You really should get this info into CBI & Kissane
     
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  20. haveaniceday

    haveaniceday Frequent Poster

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    HI Yergrand
    re
    did you ever go fixed or is it that you signed a tracker application which ended up being a VBR?

    No, i had a fixed loan offer from ebs but I did not take it, instead, I requested a tracker (via my broker and i have a copy of the request) and i was sent a new loan offer using the terminology 'variable base rate' ?

    NOW seriously - that has to be so WRONG.
     
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