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

pguyo

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75
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.
 

deansmith27

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45
Anyone here had their case reviewed by Padraic Kissane?

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

B26354

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254
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.
 

haveaniceday

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134
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?
 

YerGrand

Registered User
Messages
27
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.
 

deansmith27

Registered User
Messages
45
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.
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.
 

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B26354

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Messages
254
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.
What date in August? ECB base rate went from 2.75% to 3.00% on August 3rd 2006.
 

haveaniceday

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134
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.
 

B26354

Frequent Poster
Messages
254
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.
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.
 

YerGrand

Registered User
Messages
27
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%
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.
 

deansmith27

Registered User
Messages
45
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.
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.
 

haveaniceday

Frequent Poster
Messages
134
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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