# Lower tracker rate from EBS



## oysterman (15 Dec 2004)

I came off a fixed rate with EBS a couple of days ago and rang them yesterday to see if I could bustle a better rate than their 3.25% SVR or their ECB+1.25% Tracker (same rate, of course) on the basis of telling them I'm arranging to move to the ECB+0.79% Tracker currently on offer from NIB.

I was surprised to be told that EBS have a tracker rate of ECB+0.99% for mortgages in excess of €375,000, with no requirement on loan to value.

This is not a bad rate from EBS, particularly since it's offered to all large enough mortgages, even if the LTV is very high (unlike all(?) the better such rates available elsewhere).

I wonder why they're not publicising it....unless of course they are in which case this is an utterly redundant post.


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## ClubMan (15 Dec 2004)

*unless of course they are in which case this is an utterly redundant post*

I don't think that they are. It is certainly not listed [broken link removed] and I have never heard it mentioned before now.

*even if the LTV is very high (unlike all(?) the better such rates available elsewhere).*

Don't you mean loan size rather than loan to value ratio?


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## oysterman (15 Dec 2004)

ClubM,

Yeah, I was interested to see that it's not on their site as well. It would make you suspicious that I was being offered a rate not generally available simply because I sounded like I was genuinely organising a re-mortgage elsewhere. However, I don't think this was the case - I have got to know my contact in the EBS well over the last couple of years and I don't think he was spoofing.

Re the second point: I think it is generally the case (from reading all the best buy lists) that unless you're at least below 60% LTV you won't get the best tracker rate (additionally, of course, the amount borrowed must be large). That's what I like about the EBS ECB+0.99% Tracker: because there is no stipulated maximum LTV everybody who has a big mortgage (€375,000+) can avail of it.

That is provided it is generally available. Has anybody else heard of it, been offered it or got on it?


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## donegal (15 Dec 2004)

Interesting that EBS choose not to disclose this.

Having rang them and asked about trackers they suggested a +1.25% tracker. When I asked about the +0.99% tracker they said that this was also available (referred to as the "jumbo tracker") even for buy to let properties. Apparently the only condition being that if you move out of the tracker you cannot move back into it again subsequently. All you need to do is apply (although I wonder whether there will be some catch on application).

donegal.


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## ClubMan (15 Dec 2004)

*I think it is generally the case (from reading all the best buy lists) that unless you're at least below 60% LTV you won't get the best tracker rate (additionally, of course, the amount borrowed must be large). That's what I like about the EBS ECB+0.99%*

OK - I see what you mean. I thought that you were referring to the _EBS_ having some _LTV_ condition on the _ECB_ + 0.99% tracker rate.

* Interesting that EBS choose not to disclose this.*

Yes - it seems very strange, although not necessarily surprising, that a mutual society would not publicise the lowest cost rate from which (some) members could potentially benefit! :\


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## oysterman (16 Dec 2004)

Yes it is either bizarre (or deeply suspicious) that they would choose to have a market-leading (well almost!-nobody matches the NIB 2.79% tracker) rate and keep them secret....


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## ClubMan (16 Dec 2004)

Perhaps an _AAM_ contributor who is a member of the society could ask them why this is the case and report back? No harm in putting them on the spot.


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## oysterman (16 Dec 2004)

I've e-mailed EBS this morning as follows:

*Why do we have a mortgage tracker rate (of ECB+0.99% for mortgages in excess of €375,000) which is not on our website and has not been publicised elsewhere to the best of my knowledge? (If it has been, please direct me to that publicity.)

Is it because management don't want to be seen to be discriminating between members?

How are our members, who might benefit from this rate, expected to find out about it? Divine inspiration?*

I shall post any reply I receive.

I apologise for my creeping obsession in this matter.....


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## ClubMan (16 Dec 2004)

I would have put it a bit more diplomatically myself but there you go.   I wouldn't call it creeping obsession - as a member you are entitled to this information.


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## oysterman (20 Dec 2004)

*No reply from EBS*

Despite guaranteeing a 24 hour response time on the website, I've heard nothing back from EBS in reply to my e-mail of last Thursday (16/12).

Now there's a surprise.


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## ClubMan (20 Dec 2004)

*Re: No reply from EBS*

You might be better off putting the query in writing (i.e. a letter rather than an email). In my experience with many different organisations emails may go unanswered whereas written letters generally elicit some sort of response.


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## oysterman (21 Dec 2004)

*Re: No reply from EBS*

ClubM,

I'm going to do exactly as you suggest.

Only problem is that it's so long since I've written a serious letter (as opposed to e-mail) that I'm not too sure where to start....

What was the name of those sticky things we used to put on those foldy-over yokes that we used to put the piece of paper into?


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## Trixie (21 Dec 2004)

*ECB + 1.25% or 0.99%?*

I have a mortgage under 375K and changed to EBS tracker last month - while all the paperwork I saw said ECB+1.25%, and I'm pretty sure the amount they're taking monthly is @ 3.25%, the letter of confirmation they sent me says ECB + 0.99%. Strange.


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## ClubMan (21 Dec 2004)

*Re: ECB + 1.25% or 0.99%?*

You should get them to put you on the lower tracker rate so!


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## oysterman (25 Dec 2004)

*new trackers to be launched by ebs.*

Fianally received reply to my e-mail of a week ago to EBS. They say the reason there has been inefficiency in publicising the +0.99% tracker rate is that they're launching a series of different trackers in the new year, including that one.

I still believe the whole thing has been ham-fisted. For example they told me that any borrowers eligible for these rates have been notified. That's patently untrue - they made no attempt to notify me.

I've had just about enough of them - I'm waiting for an answer from NIB re my application for their +0.79% tracker.


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## ClubMan (25 Dec 2004)

*Re: new trackers to be launched by ebs.*

Thanks for the update. I'll keep an eye out for a new advertising campaign in the new year all the same just to see if they are true to their word on that part at least.


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## Dinarius (11 Jul 2005)

Just came across this thread now.

Here we are 7 months on. Has anyone heard of the EBS 'series of tracker mortgages'? I haven't.

I do recall speaking to an EBS guy some time ago (in head office, not Westmoreland Street) who told me about the .99% tracker. Recently, my wife and I went to Westmoreland Street to ask about a new loan (we are existing customers) and were told nothing about the tracker rate, though our loans would be less than €375k. In the end, we've gone with AIB and I'm going to close the EBS loan. However, they don't know that yet, so I'm going to call them tomorrow. 

Very, very cheeky for a mutual to be dealing in a two faced manner like this. Effectively, they appear to be giving preferential treatment to their bigger customers. I would have no problem with a bank doing this, but a mutual is a different story.

Just out of curiosity, what is the APR on this .99% loan? Better still, what's the cost per €1000 over 20 years? 

Thanks.

D.


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## GreatDane (11 Jul 2005)

oysterman said:
			
		

> ....
> 
> I was surprised to be told that EBS have a tracker rate of ECB+0.99% for mortgages in excess of €375,000, with no requirement on loan to value.
> .....


 

Very interesting that the EBS don't publicise this ..

I wonder if perhaps they have written or made contact in some other way to their members, who have mortgages with balances of excess €375k to see if they would like to swap over from the "wonderful" 3.25% variable rate ?

...makes me wonder if perhaps its only used to help try and retain business, which the EBS might otherwise be losing to a rival mortgage lender ?

Cheers

G>
ps  - To be fair to the EBS, they do actually respond to their e-mails, aswell as their letters btw


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## redstar (12 Jul 2005)

This table of tracker rates is on the EBS website ..........

The rates below apply to Tracker Mortgages for New and Existing Business

                      Rate        APR	15 Year	20 Year	25 Year	30 Year

Standard Rate 3.25%	3.3%	7.03	5.67	4.87	4.35

>=250k <300k
<=75% LTV      3.10%	3.2%	6.95	5.60	4.79	4.27

>300k
>75% LTV        3.15%	3.2%	6.98	5.62	4.82	4.30

>=300k <375k
<=75% LTV      3.05%	3.1%	6.93	5.57	4.77	4.24

>=375k <750k
<=75% LTV      2.99%	3.1%	6.90	5.54	4.74	4.21

>750k
<=75% LTV      2.85%	2.90%	6.83	5.47	4.66	4.14

Above rates applicable from start of business
Thursday 5 May 2005
Table shows %Rate, APR, Cost-per-thousand over various terms.


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## Dinarius (12 Jul 2005)

Am I correct in understanding that you must borrow more than €250k to avail of these rates?

In that case, I can't avail of it. Our mortgage is a lot less.

I wonder what the average Dublin mortgage is now and what the national average is? How many people would qualify for this deal?

A bit rich of them, in my opinion.

It also explains why we were told they didn't do trackers a couple of months ago. Not quite the whole truth, but there you go.

AIB here we come.

D.


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## oysterman (12 Jul 2005)

Ah, Dinarius, you've made an old AAM head very happy - the resurrection of one of my favourite old threads....

I did notice the +0.99% for >€375k rate appearing in the best buys over the last couple of months but, interestingly and not hugely surprisingly, they decided to introduce an LTV condition. I was particularly disappointed by this latter fact because it just compounds the problem of the wealthy getting the best finance deals, which just makes them wealthier. EBS and all their mutuality spin? It's just that - meaningless guff.

At a time when EBS (like all the other lenders) go on interminably about the "quality" of their "loan book", it seems fair to assume that mortgage delinquency is almost unheard of at present. So , if there's no enhanced risk in high LTV lending, how can a mutual justify higher rates for higher LTVs?

Unless of course it's to fatten the whole operation up for the demutualisation that one suspects to be waiting down the tracks.


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## GreatDane (12 Jul 2005)

Hi redstar

If those rates are actually on their website, then I apologise ... I stand corrected 

Regards

G>


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## redstar (13 Jul 2005)

Click in 'Rates' , then 'Home Loans' and a little table pops-up with all the necessary.

Looks like there is no difference between their ordinary, standard variable rate 3.3%APR and their tracker for mortgages < 250k (ie 3.3%APR).

Some members must be more 'mutual' than others     ??


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## GreatDane (13 Jul 2005)

redstar said:
			
		

> ...
> 
> Some members must be more 'mutual' than others  ??


 


Nah,

Could never be the case in a mutual society that cares about its members, to the extent that it plasters it all over its website, on the TV etc


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## Glenard (28 Sep 2010)

*Is old user "Donegal" still around?*

I was researching the site archives and came across this thread. There is posting from a member named Donegal (15-12-2004, 09:02 PM - Post # 4 ). The information provided is extremely relevant to me as I am having some issues with the EBS re a tracker mortgage for a buy to let loan. They are now saying they didn't offer this. Donegal if you are still out there can you respond to this? 

I am interested to know of anyone that has received or was offered a tracker on a buy to let from the EBS around 2006 / 2007 - if yes can you post here?


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## haveaniceday (26 Feb 2018)

Hi Glenard - Quite a few years later but yes i was given a tracker rate on a buy to let in 2007/2008


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