EBS - Quickswitch offer

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whiplash

Registered User
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Hi All, do you think the EBS - Quickswitch offer is a good one or should I stay well clear of this sort of thing.

[broken link removed]

Currently I've a 35 yr Mortgage with AIB nearly 1 year in. Would like to try and reduce monthly payments and try and get it paid off asap.

Any advise would be great.

/KK
 
According to the Irish Times, the EBS variable rate on Friday was 3.5% and not 3.3% as outlined in the link above.

Tracker rates are generally less (for all LTVs) than the EBS standard variable rate (be it 3.3% or 3.5%).

Are you sure that reducing your monthly payments will allow you to pay off the mortgage ASAP? By all means a lower rate will lower your monthly repayment (all other things held equal), but you would have to increase payments to pay off the mortgage any earlier?

Also, do EBS do mortgages for your desired LTV and term?
 
The EBS standard variable rate is 3.5% nominal or 3.3% APR as outlined on their website. EBS are not that competitive on variable/tracker rates. Whiplash - why are you considering moving to EBS? I would have expected AIB's variable/tracker rates to be more competitive.
 
ClubMan said:
The EBS standard variable rate is 3.5% nominal or 3.3% APR as outlined on their website.
Click to expand...
Irish Times says 3.6% APR-it seems unusual that the APR would be below the nominal for a variable rate (this is usually only seen on fixed rates)?

And according to their website, these are the rates (taken from a window on [broken link removed]) :

Lending Rates The rates below apply to New and Existing Business

Rate Type Rate APR 15 Year 20 Year 25 Year 30 Year
Standard Variable Rate 3.50% 3.60% 7.15 5.80 5.01 4.49


Or is the 3.3% APR/3.5% nominal applicable to the Quickswitch offer only? Indeed, the figures above don't seem to allow for 35 year mortgages?
 
I think the Quickswitch page is out of date and quotes the pre December ECB rate increase EBS standard variable rate of 3.3% nominal. Their current standard variable rate seems to be 3.5% nominal or 3.6% APR. I don't think that this is competitive with other lenders' variable or tracker rates so I don't see what Whiplash has to gain by switching from AIB to EBS unless s/he's not on the best rate available from AIB?
 
And they have increased the (nominal) variable rate by more than the ECB rate increase?

I would look at Bank of Scotland, National Irish, AIB and Ulster Bank. Some of these offer switcher packages (don't Ulster Bank pay your legal fees as well, so EBS aren't alone in this regard????)

Of course Whiplash, the rate will depend on the LTV and term and different lenders differ in what they allow for term and LTV.
 
CCOVICH said:
And they have increased the (nominal) variable rate by more than the ECB rate increase?
Click to expand...
Not as far as I know. I thought that their standard variable nominal rate was 3.25% before the ECB rate hike so it's 3.50% now.

Just to clarify one thing - I think my post here was wrong as I misread the rates on the Quickswitch page and I think that they are out of date anyway.
 
ClubMan said:
Not as far as I know. I thought that their standard variable nominal rate was 3.25% before the ECB rate hike so it's 3.50% now.
Click to expand...

Well I made a mistake anyway (3.3% +0.25% is 3.55%, so their increase was 0.20%, less than the 0.25% increase).
 
But as far as I know their standard variable rate was 3.25% nominal (3.3% APR) before the ECB rate hike of 0.25% so it would make sense if their standard variable rate was 3.50% nominal now and it may be that this equates to 3.60% APR. Either way, not the most competitive rate on offer...
 
I note there is much discussion in this thread of what rates are being published where etc. which is of course useful for a guide. As published rates seem to be occasionly subject to errors, prior to doing anything I think the original poster would be well advised to contact AIB and get them to confirm exactly what rate they are currently paying (nominal and APR) and contact EBS and get confirmation of what rate (again nominal and APR) they are prepared to offer.
 
Fair point but the EBS standard variable rate is definitely 3.50% nominal/3.60% APR and I suspect that Quickstart offers this standard variable rate by default. I would expect AIB to have a more competitive rates, in particular their tracker rates, than this or others on offer from the EBS.
 
Thanks for all the advise, as you may have guessed by now I'm not the best at the finance side of things, hence the reason I'm on this website, hopefully I'll learn quickly. Great website ! It already has me saving and making changes to my spending choices.

Cheers,
/KK
 
EBS actually do offer 35 year mortgages - for some illogical reason the calculators on their website don't reflect this..
 
Fair enough. I guess 35 year terms are not necessarily available to everyone?
 
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