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

whyindeed

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14
Any update tonymac? I received a letter from the EBS saying our mortgage is under review along with others by KPMG. I take it this is a standard letter!
 

tonymac

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207
Hi whyindeed, got nothing yet im afraid but have emailed Michael McGrath again and asked him could he raise our issue on 11th April with AIB so probably nothing until then. Wont hold my breath that we'll get anything positive but would like to finally see some expert opinions from somewhere as its very frustrating im sure youll agree. As i said before Padraig Kissanes opinion will be decisive for me.
 

whyindeed

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14
I got the letter last week. It was an acknowledgement of the letter I wrote to them two weeks previously. I emailed a few members on the Finance committee in the hope they will ask questions on behalf of the EBS customers in our situation. If you google Finance Committee you will see the members. Their email addresses are attached to that page. Have you made contact with Padraig Kissane yet tonymac?
 

Jennybaby

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44
Thanks why indeed
I spotted an article yesterday in the Cork Independent "Fahy law launches mortgage initiative" . Once off fee involved of 395euro. fahylaw.ie to apply or for further details. Might be interesting for some of us.
 

tnegun

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123
Were all EBS fixed rate mortgages taken in 2006/2007 supposed to have the option to covert to variable base rate or just some?
 

B26354

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256
Were all EBS fixed rate mortgages taken in 2006/2007 supposed to have the option to covert to variable base rate or just some?
Hard to answer definitively but evidence on this thread suggests the variable basis for all EBS fixed rate mortgages between 2004-2008 was the variable base rate..and after this period the term magically disappeared from EBS loan offers.

Surprised that the central bank didn’t ask the question as to why in 2008 EBS changed the variable basis definition for these fixed rate contracts from “variable base rate” to “variable” / “SVR”. EBS either changed it because it was a tracker rate & they wanted to defraud customers or because the ambiguity of the term itself would lead customers to expect a rate that tracked a central bank base rate.
 

tonymac

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207
Hi whyindeed, i have sent the documentation over to him along with a letter outlining the history of the mortgage etc. Am now awaiting his response and will let ye know what his thoughts are although i do believe quite a few of the contributors to this thread are with him already. Would like to hear what he has said to others on rhis.
 

tnegun

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123
hey guys I took out a fixed EBS mortgage back in 2007 and it was fixed for the first 3 years Starting in 2014 we couldn't keep up repayments and it was ultimately repossesed and sold. I've now got Pepper chasing me for the residual debt from my reading here I'm thinking I'm probabaly in the same boat. I've submitted today a Subject Access Request to EBS. Is there any time limit to this? If I get the paperwork and I am affected what is my next step? To contact Padraig Kissane?
 

Trackman

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31
Yes usually 4 weeks but you should get a letter soon after you initiate the FOI explaining timelines etc.

Explicitly ask for the original loan offer in its entirety. Ts & Cs etc
 

Magsodf

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18
Is it just the EBS cohort that don’t seem to be looked at ? Are the other issues with the other banks completely different ?
 

tonymac

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207
Hi all, anything raised today about our issue with the AIB in the finance committee. Aint holding my breath but stranger things have happened. Wasnt able to listen due to work committments.
 

whyindeed

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14
Hi tonymac. There was a short piece on the RTE news at 1 where Michael McGrath put our question to them. They ducked and dived I'm afraid. I'll look at the full thing when it's uploaded later on!
 

tonymac

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207
Spot on, thanks for that whyindeed. At least it was mentioned and it came up on the news for the first time. Trying to put a positive take on this it would seem to anyone watching that he didnt know what to say and his ducking and diving will surely be picked up by people in the know.
 

whyindeed

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14
I'm afraid having watched an hour and a half of the session this morning, EBS has not been mentioned at all by anyone!
 

tonymac

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207
Hi whyindeed, thanks for coming back on this, unfortunately it wasnt raised, heard since my last posting. It appears the prevailing rate issue seemed to dominate the session, happy for them but very annoyed as im sure all others on this thread that they werent questioned by the committee so that at least we could get one or two answers. Will await Padraig Kissanes opinion but i will be emailing members of this committee again informing them that i for one have lost complete faith in them with the notable exception of Michael McGrath as he did raise it at the central bank hearing
 

tonymac

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207
Meant to say could a few others email them about this as id hate to think im the only one.
 

whyindeed

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14
I will definitely be letting them know how I feel. Let us know how you get on with Padraig Kissane please tonymac.
 
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