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

Themurph

Registered User
Messages
25
THE TDS I'M 10 years emailing them about VARIABLE BASE RATE and the excessive variable rates BEING charged on us, only Micheal McGrath replying favourably to my inquiry saying he is on our side , and now he is in power nothing different really, absolute no faith In them , absolutely disgusted with a certain banker on the radio this week delighting in the profits his bank are making and how great they are doing as if closing bank branches down is progress . But I have to say I do have faith in the process of the FSPO and their efforts. Hopefully we get a definitive answer soon..
 

EBSWEARY

Registered User
Messages
5
Hello,
I have finally received a printout from EBS showing VBR and Tracker rates at all stages through the existence of the tracker. The only time that they are telling me that the VBR and the Tracker were at different rates were from 01.05.08. If anyone was put on a fixed after this time and told that they were reverting to the base variable rate after the fixed period, can they tell me what rate was stated as the "current Base Variable rate "?
Thankyou
 

tonymac

Registered User
Messages
228
Hi EBSWEARY, apologies but unfortunately my partners mortgage started in May 2007 so am of no use to you im afraid. That sounds like the time that things went to SVR though. Thing is my partners mortgage doesnt have any sign of the SVR term.in her contract, i wonder do contracts signed from that date have it in them. All these facts are in my opinion very telling. She started on a 3 year fixed and was then due to revert to an VBR which was stated as currently 5.25% in May 2007, shes been on an SVR since. Hope somebody can help you with youre information requezt as that information would be significant, good luck with it and please keep in touch.
 

Themurph

Registered User
Messages
25
So my last post was deleted Have no idea why but I must have tread on someones toes any how just to say has anyone had their loans transferred to mars finance with little notice mine was because I was put on a 6 year fixed rate reduced 4 years ago and the bank said my loan is now classified as non performing so the sold it along with 600 million worth of loans at approx 33% haircut ie the bank got 400 million I have no say in this happening I was told by the bank its their right, anybody else in a similar situation.
 

Bill2018

Registered User
Messages
17
Any update on variable tracker base cohort. My case is still with ombudsman I keep trying them but I keep getting the 18 month time frame response
 

tonymac

Registered User
Messages
228
Hi Bill2018, its very disappointing that no progress has been made in the last year or 2. Thefact that they keep telling you 18 months is highly frustrating as i am sure you are not the only one with a case in there. I am sure you have reminded them that say 3 months ago you were also told 18 months and that this is totally unacceptable. All we want is an answer and an explanation as to why a position has been reached. I wish you and others well with the ombudsman as it appears to be the only chance of success bar maybe a high risk court case.
 

tonymac

Registered User
Messages
228
Must be and doesnt take into account this group. Seems like were the forgotten ones as theres nobody getting anything from anywhere, be it the ombudsman, Padraig Kissane or anywhere. All we want is an explanation as to what is a variable base rate mortgage and why it isnt regarded as a tracker mortgage.
 

Bill2018

Registered User
Messages
17
Must be and doesnt take into account this group. Seems like were the forgotten ones as theres nobody getting anything from anywhere, be it the ombudsman, Padraig Kissane or anywhere. All we want is an explanation as to what is a variable base rate mortgage and why it isnt regarded as a tracker mortgage.
If they have announced this fine against AIB and EBS I’d say the rest as in this cohort are not going to be extra cases or they would have held off on fine. Seems to be hit of finality about the story.
 

Orlagh

Registered User
Messages
5
All we want is an explanation as to what is a variable base rate mortgage and why it isnt regarded as a tracker mortgage.


How can this be ignored ?
 

ClubMan

Registered User
Messages
46,512
All we want is an explanation as to what is a variable base rate mortgage and why it isnt regarded as a tracker mortgage.
They're similar except that the SVR mortgage contract allows the lender to change the rate at any time and by any amount and not just when ECB rates change. I always thought that this was an unfair contract term, very much weighted in favour of the lender, as it put no constraints on when and by how much the lender changed the rate (even if they often do so somewhat in line with ECB rate changes but not exactly as trackers do it) but, when I helped somebody take a case to the Ombudsman on the issue several years ago, it was rejected.
 

Orlagh

Registered User
Messages
5
thank you for your response.
To be clear … having taken a case to the ombudsman…. It was found … that the variable base rate ( as is referred to in my contract and others) Is the same as std variable rate ??
 

ClubMan

Registered User
Messages
46,512
thank you for your response.
To be clear … having taken a case to the ombudsman…. It was found … that the variable base rate ( as is referred to in my contract and others) Is the same as std variable rate ??
I don't know what, if anything, you're quoting or asking here.
 

Trackman

Registered User
Messages
49
thank you for your response.
To be clear … having taken a case to the ombudsman…. It was found … that the variable base rate ( as is referred to in my contract and others) Is the same as std variable rate ??
I received redress and compensation from EBS based upon a tracker application that stated entitlement to a tracker rate, ''for the life of the loan''. The loan offer document that accompanied the tracker application had ''Variable Base Rate'' as the rate type. For your information.
 

B26354

Registered User
Messages
308
I know of at least one other EBS variable base rate customer who had received compensation and redress after EBS conceded. That customer had accompanying documentation that confirmed the rate is a tracker rate. I really don’t know what hold up is from ombudsman on this. My complaint was lodged 8 years ago.
 

demoivre

Registered User
Messages
2,790
They're similar except that the SVR mortgage contract allows the lender to change the rate at any time and by any amount and not just when ECB rates change. I always thought that this was an unfair contract term, very much weighted in favour of the lender, as it put no constraints on when and by how much the lender changed the rate (even if they often do so somewhat in line with ECB rate changes but not exactly as trackers do it) but, when I helped somebody take a case to the Ombudsman on the issue several years ago, it was rejected.
thank you for your response.
To be clear … having taken a case to the ombudsman…. It was found … that the variable base rate ( as is referred to in my contract and others) Is the same as std variable rate ??
I don't know what, if anything, you're quoting or asking here.

I think Orlagh is asking you, in the case you helped with, did the Ombudsman rule that a standard variable rate is the same thing as a variable base rate ?
 

demoivre

Registered User
Messages
2,790
I know of at least one other EBS variable base rate customer who had received compensation and redress after EBS conceded. That customer had accompanying documentation that confirmed the rate is a tracker rate. I really don’t know what hold up is from ombudsman on this. My complaint was lodged 8 years ago.
Wow 8 years ? What updates have you received?
 

ClubMan

Registered User
Messages
46,512
I think Orlagh is asking you, in the case you helped with, did the Ombudsman rule that a standard variable rate is the same thing as a variable base rate ?
They didn't make any ruling on that at all as far as I can remember.
 
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