Switch or wait central bank review

Discussion in 'The Switchers' Forum' started by Frecklesa, Jun 20, 2016.

  1. Frecklesa

    Frecklesa New Member

    Posts:
    7
    Hi, we currently have our mortgage with ebs, had a tracker, fixed for 5 years when rates were rising and we were then put onto a variable rate at the end of the fixed term. We went to the financial ombundsman but they ruled with the bank so we remain on our variable rate . We have had some work done to our house and have built up some equity. However I am wary of moving in case the central bank review of trackers makes any decision on ebs mortgages. Any advice on staying or making the switch
     
  2. todo

    todo Frequent Poster

    Posts:
    168
    I think it would be best to wait another while. The cynical side of me wants to think this central bank review is just another method of holding people back from switching, the proverbial dangling of the carrot!!

    I've held off on switching now for two years, you'd imagine everyone will know one way or the other over the next 12 months.
     
    bmkearney likes this.
  3. Frecklesa

    Frecklesa New Member

    Posts:
    7
    The quicker the review is completed the better. Like you have held off on switching or fixing at a lower rate. Thanks for reply,
     
  4. Onceagain

    Onceagain Frequent Poster

    Posts:
    112
    It's very frustrating. The months go by, cant switch, so in effect, it's a waste of €100 per month. Cant change rates within my own bank either. Still no time frame as to when it will be completed.
     
  5. Stitcher

    Stitcher Registered User

    Posts:
    12
    I am also waiting outcome of CB review of trackers but i have already switched from ptsb to boi to get lower rate. I'm now on 4.35 variable and the 3.1%fixed is attractive. But do i fix for 3 years? So frustrating waiting for the central bank review. I have delayed switching now for more than a year. I'll see if they will give me a better variable like some have got on another thread here.

    However, even If i my case is successful in the review, it might well be 3 years before the process is complete given the problems that those with successful decisions have had to date in not getting their right tracker rate or not enough compensation.

    Frustrating to say the least! And a waste of a €100 a month.
     
  6. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    30,722
    Stitcher

    Fix for one year. If you get your tracker back, they should pay the penalty for early termination of a fixed rate, although you may have to fight for it.

    If you don't get your tracker back, you can review your options after a year.

    If ptsb has not decided it before the year is up...

    Brendan
     
  7. Stitcher

    Stitcher Registered User

    Posts:
    12
    Thanks Brendan,
    I called BOI this morning asking for a better variable rate for my 60% LTV mortgage, currently at 4.35%. I got a firm NO way first time, only fixed rates or 3.9 variable. I called back a bit later looking for my outstanding mortgage sum and term and got someone else so i complained again when i knew i could get 3.5% variable with EBS with cash back. He said he'd check up the line and rang back two hours later with a variable rate of 3.5%. Am delighted with the extra 100 a month and no switching to do yet.

    I can review again when/if CB review resultS are out.

    stitcher