# Can new BoI mortgage be transferred to EBS redress tracker rate?



## toni48 (31 Aug 2020)

Can my new BOI mortgage to be transferred to my EBS redress tracker mortgage account?

*To give a brief history.*
2005 I purchased house with tracker mortgage.I fixed for 3 years and after fixed I was transferred to variable rate.
2012 I had to sell the house as I was under pressure with the high repayments and I took the negative equity with me as a *standalone mortgage on a variable rate. (no house against the loan)*
2017 I purchased a new house with a mortgage from a different BOI bank.
2019 EBS acknowledged they had charged the incorrect rate and put the *outstanding negative equity *back on a tracker rate and compensated a minimal amount.
2020 the appeals board sanctioned a further amount to close the process if I accepted their offer. (no acknowledgement of the enforced sale)
I accepted the offer, but I would like my present BOI mortgage to be transferred to EBS tracker rate which is on my outstanding negative equity. Am I entitled to this? Or has anyone experience of transferring mortgage onto the tracker account allowing the new mortgage at the same rate as the tracker?


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## Brendan Burgess (31 Aug 2020)

Can you provide some numbers and tell us exactly what you want to do

1) You have an unsecured EBS loan of €100k at ECB +.7%

2) You have a BoI mortgage of €300k at 3% on a house worth €500k 

Are you asking EBS to give you a new €300k mortgage at ECB +0.7% with which you would clear the BoI mortgage? 

Brendan


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## toni48 (31 Aug 2020)

Hi Brendan,

The model you have outlined is correct.
I have a 20-year unsecured loan of less than €50k with EBS at tracker rate 1.05%
I have a BOI mortgage of approx. 350K on a house worth 500,000

Yes I would like to secure with EBS a consolidated mortgage of both debts under a mortgage ECB +0.5% with which would clear the BOI mortgage

Many thanks


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## Brendan Burgess (31 Aug 2020)

EBS would not now give you a mortgage of €350k at ECB +1.05%



toni48 said:


> 2012 I had to sell the house as I was under pressure with the high repayments



For loss of ownership cases, EBS wrote off the shortfall and gave people automatic compensation of €50k.

Presumably you were deemed to have voluntarily sold your home and not because it was caused by the loss of the tracker.

It's probably too late now as you have accepted the Appeals Panel decision, but...

Did you make that argument to the Appeals Panel?
Were you in arrears when you sold the property?
Had your mortgage been restructured?

Did you get any help with making your appeal to the Appeals Panel? 

Brendan


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## toni48 (31 Aug 2020)

*EBS would not now give you a mortgage of €350k at ECB +1.05%*

Can BDO demand that EBS give a mortgage of €350k at ECB +1.05%. because of the circumstances and timing? (i.e. if I was selling that same house now and buying my new house I could transfer the tracker mortgage for a large portion of the new house without question)

*Presumably you were deemed to have voluntarily sold your home and not because it was caused by the loss of the tracker.*

BDO/EBS did not accept a direct causal link to the sale of the home, despite my arguments, and I was awarded a lower compensation amount. I was never in arrears or had my mortgage re-structured, but only because I sacrificed all other choices with the emphasis on paying my mortgage, no matter what. While the house was a voluntary sale at the time, it came about as a result of the constant high repayments .

The constrained choices I had at the time were solely and directly related to my largest outgoing being over-charged, by almost 50% and I would never have made the decision to sell if I had any financial breathing-space to avoid it.



*Did you make that argument to the Appeals Panel?*

I made my argument to the appeals committee but with emphasis on the loss of the house and pension opportunities and the personal loss etc. While I did point out the existence of my present home mortgage and the loss of tracker I did not elaborate or go into detail.


*Were you in arrears when you sold the property?*
No I never had a single month arrears throughout the many years of overcharging to the loss of so much else.


*Had your mortgage been restructured?*
The mortgage was not restructured

In 2012 I engaged with EBS and presented financial plans to sell the house as the cost of the mortgage was proving unsustainable. At the time 56% of my take home pay was going to service my mortgage. (vastly in excess of the 40% maximum recommended ratio.) This was an active part of my discussions with EBS, and EBS had a comprehensive awareness of the impact of overcharging on me at this time. I thought I had no other option only to sell that point and EBS did not suggest otherwise.


*Did you get any help with making your appeal to the Appeals Panel?*
No, unfortunately I did not get help with the appeal


Perhaps I could have pushed more for the consolation of the 2 mortgages previously but do you think there is a way forward or opportunity to do this now having accepted the token appeal offer compensation?

Many thanks for your suggestions


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