What is so good about EBS?

T

Toshsmith

Registered User
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Hi Brendan,

Can i ask - what is it about EBS that you particularly like? I have noticed in a lot of forms that you recommend them as the switcher of choice! Personally i would strongly disagree with this. The are probably one of the worst banks to deal with - Their interest rates are completely over priced as they know that the majority of their holders cant move and are stuck with them. Thankfully i left their clutches about 6 months ago. So i do have experience in dealing with them.

As we all know, competition in the market is high so the choice for us borrowers is great. I for one would strongly recommend AIB - they currently have the best rates on the market and pass on all rate cuts to new and existing customers - This for me is key! EBS do NOT do this - plus this mornings news where EBS have announced that they will not be reducing their variable rates is further reason to avoid them.

From previous treads - I agree with you that the cash back offer should be shelved and true interest rates should be applied. However for now, if you can switch - you should switch - as much as you can. I have switched 3 times this year - received 9,000 in cash back - and shaved 5 years of my mortgage.

Tommy
 
Hi Tommy

They were the best buy for switchers and new customers for a long time - with low rates and 2% cash back.

They lost that place to BoI as I pointed out in this thread:

https://www.askaboutmoney.com/threads/how-to-go-about-choosing-a-mortgage-best-buys-tables.204583/

They may have got it back with today's cuts - I am still processing it.

I am the main instigator of the Fair Mortgage Rates Campaign which would see cash backs banned and lenders obliged to treat new and existing customers the same. I would like to see all lenders quoting a "SVR" and pricing all mortgages off that rate so that they would pass on cuts automatically to new customers.

However, until that legislation is passed, then one has to take the best deal going.

AIB has the best model - no cash back and rate cuts passed on automatically, but for a new customer EBS is probably the best deal.

Brendan
 
Hi Brendan,

We will agree to disagree -

EBS have not been a best buy for quite some time - in the past 6 months a least - the other banks have leaped ahead while EBS have done nothing! the reason they have done nothing is down to the sate of their existing mortgages - A lot of their holders cant move and they know that - so they do nothing and every month that passes - they are winning.

Dont get me wrong all banks win however i firmly believe EBS are creaming it - yet at this same time are trying to appear fair.

"Mortgage master" every time i see this advert it makes me laugh - form my experience their service is terrible when compared to other banks - i should know - i have switched 3 times this year!


My advise on EBS is

If you are thinking of switching - then switch to EBS for no more that 2 months get the 2% and move on.

FYI

AIB does have a €2,000 cashback offer

Brendan - Great work to date on the Fair Mortgage Rates Campaign

Tommy
 
Toshsmith said:
the other banks have leaped ahead while EBS have done nothing! the reason they have done nothing is down to the sate of their existing mortgages
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Hi Tommy

They have reduced their fixed rates today for new and existing customers.

I am reviewing the Best Buys tables so I think that they are back on top - for new customers.

Brendan
 
Agreed Brendan

I just feel people need to know that EBS are not the Mortgage masters and and their is a lot better value out thier

Looking forward to hearing other peoples experiences!

Tommy
 
@Toshsmith & @Brendan Burgess I think you are both comparing apples and oranges...


There are in effect 2 different styles of mortgages in Ireland at the moment (in general). Those with a cash back offer, normally tied into fixed rates (as their SVR does not tend to be competitive) and those without the cashback who compete based on variable rates (although may have decent fixed rates also and some offer a switcher fee).

These are not really comparable, but serve two totally different markets.

The variable rate suits people who want to be able to overpay >10%, want to compete on the interest rate alone, want the flexibility to switch if they so choose. The important things for them is low starting rate, passing on interest rate cuts and being able to switch LTV bands (with a valuation report) with relative ease.

The cashback group suits people who are stretching themselves with the mortgage and who want to fix for a period of time for stability etc. The key things they should be looking at is what rate do they default back to when the fixed period is only, how easy is it to fix again if they choose and even how quickly the cashback offer is paid. They should also look if they have the flexibility to overpay by 10%.



If comparing both, the only 'fair way' would be to look at the mortgage balance after 5 years and see what it would be in both scenarios (all other things being equal). Maybe its worth including this on the best buys table to explain the comparison a bit better.

Personally, I would never go for the cashback option - but that is personal choice.
 
Toshsmith said:
"Mortgage master" every time i see this advert it makes me laugh - form my experience their service is terrible when compared to other banks - i should know - i have switched 3 times this year!
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Well done for switching multiple times this year, but the only real benefit of this is to avail of the cashback deal. So be thankful for the likes of EBS, otherwise you would not have been given that nice financial present ;)
 
Why would i be thankful to EBS? they gave me nothing only an terrible service.

FYI

It not a financial present - its common scene - if the offer is their go for it! its Business at the end of the day

Yo mentioned you would never go for a cash back offer?For once - the banks are actually giving out free money - if you are in the position why would you not go for it? to not switch and save is madness.

Plus by moving three times i have went from 3.7% to 2.75 (next month) - to me this is a no Brainer!
 
Hi Tommy,

I'm interested in you having switched three times. From this I take it that none of the banks you switched too had any issue with the length of time you were with the previous bank? For instance when asked for 6 months mortgage statements, did these statements span 2 banks in some cases?

Thanks,
GN
 
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Toshsmith said:
Why would i be thankful to EBS? they gave me nothing only an terrible service.
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Of course this is your opinion but there are others who would disagree.
For example, I took out my mortgage with BOI in 2011 when no-one was lending and although they don't lower their variable interest rates in line with the market, I am still thankful to them. Without them I would not have been able to buy the house I am in, at the price I bought it for. I then switched mortgages when it suited me and saved money accordingly. Yes, it was and is a business decision for both parties, but it does not mean you have to fall into the category of 'bank-haters'

Toshsmith said:
Yo mentioned you would never go for a cash back offer?For once - the banks are actually giving out free money - if you are in the position why would you not go for it? to not switch and save is madness.
Plus by moving three times i have went from 3.7% to 2.75 (next month) - to me this is a no Brainer!
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As I said well done to you for doing this and availing of the 'free money' from the bank. More importantly well done for getting onto the best rate on the market at the end of it. It takes a bit of effort to do that, and delighted it worked out for you.

gnf_ireland said:
Personally, I would never go for the cashback option - but that is personal choice.
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Everyone's financial situation is different. A 2% cashback on a mortgage of my size is not worth moving for. I would be better off moving for a fixed switching fee. That said, while my bank is not perfect by any means, my mortgage has a feature on it that is worth a lot of money to me personally. So I stay with my bank based on the fact it is the best financial product for me personally. I would not save by switching, but thanks for your concern

Generic Name said:
For instance when asked for 6 months mortgage statements, did these statements span 2 banks in some cases?
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This is where your 'plan' could have fallen down, and you would have been stuck with a higher rate for a period of time. Anything could have happened in this window to 'block' you moving to the ultimate destination. This is the risk you take with multiple switches - it paid off for you, so well done.


I am all for people switching to get better deals - it is a smart financial decision in the majority of cases !
 
Toshsmith said:
"Mortgage master" every time i see this advert it makes me laugh - form my experience their service is terrible when compared to other banks - i should know - i have switched 3 times this year!
Click to expand...

Can I ask who your lenders were who took your business. I tried to switch to BOI who require me to be with my current lender for 6 months and PTSB for 12 months?
 
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