Got our EBS tracker back, but now separated.

clairebelle

Registered User
Messages
2
Hi Brendan
Our Buy to Let mortgage has been adjusted down and then we are receiving a refund also. The problem is (mainly as a result of financial pressure) our marriage broke up and the buy to let property is now my husbands residence. This means that most of the money has gone to him without either of us deciding that this should be the case. Surely the entire sum should have been offered with us having the option to decide how we wish to allocate it. Any advice would be welcome.
 
Clairebelle - sorry to hear about the effect that finances have had on you personally- I agree that money problems cause a lot of friction at home and have been devastating in my case too.

It's interesting to hear that yours is an incorrect BTL rate too. Is your mortgage with EBS - without divulging specifics can you provide a general idea of what the issues were, how the lender resolved, what timescales were involved?
 
Hi Deanpark
Yes we are with the EBS. We received a letter in August telling us we were part of the review. I had questioned the rate at the time we drew down the mortgage (2008) but was told that the rate was correct. We received notification of the amount we were due to receive (with small compensation) at the end of December. The issue I spoke about then came to light and I am unsure if I'm in a position to argue my point.
 
Interesting issue.

The first stage of the process is to calculate the overcharge - let's say €15,000.
They then reduce the balance to what it would have been had they not overcharged you - say €10,000.
Then they refund you the difference which is €5,000.

I presume that the refund (and compensation) is paid to the account from which you paid your mortgage.

You will need to talk to your husband about how the refund is shared.

Brendan
 
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