EBS (Haven) fixed rate mortgage for AHI

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rabbits

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Hi guys,

Has anyone gotten a mortgage for the Affordable Housing Initiative from EBS? They are trying to tie me to 5 years fixed rate which isn't really a good thing. The way interest rates are going at the moment, 5 years is way too long to fix a mortgage rate for anyone.

Has anyone else come across this with EBS? Have you manged to get them to take that clause out?
 
ClubMan said:
What does "Haven" mean in the thread title?! :confused:
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Haven is the brokerage arm of EBS!

They are trying to put you on a 5 year fixed because as far as i am aware they do not stress test on a 5 year fixed. I think EBS and BOSI are the only ones doing this! I am open to correction on this!
 
rabbits said:
Hi guys,

Has anyone gotten a mortgage for the Affordable Housing Initiative from EBS? They are trying to tie me to 5 years fixed rate which isn't really a good thing. The way interest rates are going at the moment, 5 years is way too long to fix a mortgage rate for anyone.

Has anyone else come across this with EBS? Have you manged to get them to take that clause out?
Click to expand...

Hi, I am in the process of getting my AH mortgage from EBS, through a broker, and they have not tried to tie me down to any rate, tracker, fixed or variable...my choice completely.
 
Hi rabbits. I am also in the process of getting an AH mortgage from EBS. I went to them directly so there was no broker involved but it was all very straightforward. Basically it was my choice completely whether I wanted to fix the rate and for how long. I also questioned them on stress testing and they said it was no longer an issue. There used to be a big difference on the amount could you borrow from banks whether you went with a fixed or variable rate but there isn't anymore. I am only prepared to fix my rate for 1 year because as you said 5 years is way too long to fix a rate, especially in the current climate.
 
rabbits - Im in the same type of scenario and I think they are willing to offer a higher mortgage amount if you go for the 5 year fixed. if you wont take the 5 year fixed then they will probably lower the amount they will give you.
 
Thanks for the replies. I'm going through a broker and he highlighted that it wasn't really a good thing so I was wondering if it was a branch by branch thing or something that applied to any Haven mortgage.
 
rabbits said:
Thanks for the replies. I'm going through a broker and he highlighted that it wasn't really a good thing so I was wondering if it was a branch by branch thing or something that applied to any Haven mortgage.
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It makes no difference if you go direct or through a broker. As i said they do not stress test on a 5 year fixed. So the reason they are prob making you have one is to give you the most money or to give you the amount you want. Ask them how much you will get on what ever rate you want i.e. tracker, var, sorter fixed.
 
Will do! The way this came up is that the letter of approval in pricipal that came back had the usual clauses on it and that was one of them. That was the first the broker heard of it as well rather than them saying that there was options. It has all yet to be finalised anyway so will find out what the story is with different options from them.
 
I'd also check against different branches - I found I got a lower rate through a different branch of EBS!
 
Hey Rabbits

I'm going through ESB aswell for an affordable house - they only offered me 5 years fixed at 5.6%, i did question this but was told this is the best way to get the highest ammount

Traceybere
 
If its of interest to anyone I got a rate of 4.89% on a 2 yr fixed mortgage with Bank of Ireland. Its their "Breakthrough" mortgage for affordable applicants.
 
Mr Heart Ach said:
As i said they do not stress test on a 5 year fixed.
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This used to be the case, but there was a change in the regulations in recent months that now means that all mortgage applications are stress tested regardless of whether they are fixed or variable.
 
TheBigD said:
This used to be the case, but there was a change in the regulations in recent months that now means that all mortgage applications are stress tested regardless of whether they are fixed or variable.
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Ya thats true however EBS increase the DSR (Debt service ratio) to 50% on a 5 year fixed which gives you more money!
 
Looks like some of us will have to accept the 5 year fixed from EBS if thats what we are offered to get what we need so. Ah well.
 
Rabbits,
I am in the same position as you and rang my broker in simply mortgages yesterday and he said EBS insisted on me taking 5 yr fixed. I asked about threatening to go elsewhere and he said people have tried that and EBS have said fine, that is the best they can do. Anyway, I'm sure, they know what other banks will offer and that they can't be beaten if we need the extra money. You never know maybe the ECB will have raised rates in a couple of years and we'll be laughing!
 
Please take note - not all councils with accept mortgages from Haven.

I had started the mortgage paperwork through my broker, and had chosen to go with EBS. Then between Christmas and various hold-ups, by the time I got my Letter of Offer it was in the name of Haven.

The Council would not accept it, even though they knew it was part of EBS, but until all the paperwork from Haven is completed, they will not accept these mortgages.

I now have to start all over again with a new request from other mortgage companies as EBS also refuse to honour it...I fell between the cracks :mad:
 
Hi All

I have applied for a mortgage with the EBS but am not too clued -up on the whole thing. Are the EBS doing the best deal or are there others i could apply to. Any
suggestions tips are welcomed.
 
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