AIB cuts rates by 1/4% ; EBS, Haven by .38%

Have you seen some of the "Can't pay, Repo man" type programmes that TV3 play from the UK....have you checked out how long it takes in the UK from when the mortgage stops being repayed to when the house is taken back.
That is why they have cheaper rates there and much higher rates here
 
Am with EBS and have a SVR mortgage.
and have an LTV rate of 40% odd.
Can I move from my SVR to an LTV rate or is that only for new loans.
 
It is not clear.

AIB allows people on SVRs to move to the appropriate LTV.

I have heard conflicting accounts of whether EBS allows this.

Check out the AIB appearance at the Oireachtas Finance Committee. They were asked this question. I can't remember the answer. You will need to see the submission they made.

Brendan
 
Hi,

found this from that meeting -
Q - Does the bank allow existing customers on a variable rate, as they pay off their mortgage and the value of their home may increase, to move a new interest rate relevant to their new loan to value ratio band?

A - If the customer is currently on our Standard Variable Rate they can select one of our LTV variable interest rates based on the current Loan to Value of their property, subject to the bank receiving an up to date valuation. Where a customer has previously availed of a LTV variable interest rate or is currently on a LTV variable interest rate, they cannot move between LTV rates based on movements in the value of the property or the balance of the mortgage.

Link - q33 - http://www.oireachtas.ie/parliament...-Questionnaire--Responses---22-April-2015.pdf

Thanks
 
When are these rate cuts meant to come into effect? I see Haven has reduced the fixed rate since may 7th but no change to the variable since November last....
 
I am an existing EBS customer on a SVR. I rang them today and asked if I can switch from the SVR (i am currently on) to the LTV rate. They said I could not switch and that the LTV rates are only on offer to new business customers.

So, clearly a different approach to the AIB.............

Presumably any other existing EBS customers are being told the same thing?
 
I'm going to contact them tomorrow to see if I can move to a lower rate. My LTV is just below 80%.
 
It will be interesting to see if EBS customers on SVR can move to the LTV rates. I wonder if you show them the answers given by AIB would it make a difference.
 
Can I ask when approaching the EBS with regard to moving from SVR to LTV rate do you have to prove the current value of property. If so, does this require a valuation to be carried out and if that is the case who would do this? Currently on SVR, 5 1/2 years in and not been in arrears on a significantly high mortgage.
 
If you are an existing customer (who is not in negative equity, with good LTV etc) , the EBS are saying that you cannot move from SVR to LTV ......so ,you don't even get to the point where you can discuss whether a valuation is required!
 
Vinny said:
If you are an existing customer (who is not in negative equity, with good LTV etc) , the EBS are saying that you cannot move from SVR to LTV ......so ,you don't even get to the point where you can discuss whether a valuation is required!
Click to expand...

One word Vinny - switch!
 
the new SVR rates aren't in effect yet so AIB still advertise the rates currently available
 
I rang EBS about moving to a lower LTV rate and got nowhere. Got the standard canned response of "we recently announced a reduction of .38%" and "management decide the rate you are on, there's nothing we can do". I pointed out that their parent, AIB allow current customers to move to a better LTV rate and his response was that EBS is run as a separate entity.
 
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