EBS Mortgage Finance???

S

SCA911

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Hi

We took out a mortgage with EBS in 2009 for a new build. We received a letter this week stating


"In order to support funding activity, from time to time EBS transfers a portion of our residential mortgage loans to EBS Mortgage Finance (subsidary of EBS Ltd.). We are writing to advise you that your mortgage loan was transferred to EBS Mortgage Finance on Nov 1 2011."

Does anyone know what this means for us. It says in the letter that it has no impact on our dealings with EBS or the way our mortgage is administered.

My cynical mind was immediately suspicious but am not really sure what this means. I suspect that it can only be a positive move for EBS and a negative move for us.

Can anyone shed some light. Can they do this without any consultation with us?

Any advice greatly appreciated.
 
There is no negative for you.

Your terms and conditions remain the same.

From time to time, banks sell on their mortgages to other people. But this happens in the background, and EBS continues to deal with you.
 
I got one of these letters too this week and I took out my mortgage in 2004. Its a pity they wouldn't sell my mortgage onto AIB so I could get a better variable rate.
 
I hear that, my friends 25yro daughter got a mortgage with AIB last month for nearly €400 less than mine & it includes her mortgage protection, income continuance & life! Its only a fraction over my current interest only payment with IRBC :(
 
selfbuilder said:
I got one of these letters too this week and I took out my mortgage in 2004. Its a pity they wouldn't sell my mortgage onto AIB so I could get a better variable rate.
Click to expand...
Funnily enough EBS is part of AIB now!

[broken link removed]
 
From the published financial statements of EBS

EBS Mortgage Finance (EBSMF) and Haven Mortgages Limited
(Haven) are the principal trading subsidiaries of the Society. Both
companies are wholly-owned by the Society. EBSMF is a covered
bond bank which enables EBS to access liquidity and funding
using mortgages as security whilst Haven provides mortgages​
through the broker intermediary network in Ireland.

The vehicle is used for securitisation, where investors give funding to EBS on the strength of your mortgage, as Brendan suggests.
 
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