EBS & Trackers Question(s)

2 questions in one post:

My mortgage is with EBS. I’ve been told they’re best value as what best buy tables don’t show is that the interest is only ever on the capital left (or something like that). Can someone tell me what exactly that comment meant?

Secondly, without necessarily having to change providers I wonder if a tracker mortgage of approx 75% LTV and with approx E183,000 outstanding could be negotiated any better than their standard EBS tracker rate. There doesn’t seem to be a better option for me on their website.

Round Tuit said:

My mortgage is with EBS. I’ve been told they’re best value as what best buy tables don’t show is that the interest is only ever on the capital left (or something like that). Can someone tell me what exactly that comment meant?

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Who told you this? It sounds like rubbish. They are the best value if their APR and/or cost per thousand (for a given mortgage scenario/term) is lower than the alternatives on offer.

Secondly, without necessarily having to change providers I wonder if a tracker mortgage of approx 75% LTV and with approx E183,000 outstanding could be negotiated any better than their standard EBS tracker rate. There doesn’t seem to be a better option for me on their website.

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Borrowers should always haggle with their lender to get the best deal even if they don't obviously qualify automatically. If necessary they should move to a more competitive lender if the savings outweigh any associated switching costs.

cant help with first question but re the second one, my own experience was after a year with ics they increased the rate as i was coming off the discounted introductiobn rate. I rang them up and said because i had
1) Lodged a lump sum during the year to the mge
2) My house value had gone up a good bit
could they give me a better rate. The guy at their end said he would have to check it out and came back the next day with .2% of a reduction. Obviously your situation is different to me but thats how i negotiated it down. The lump sum lodgement was not huge, about 7/8% of the mge total.

I would ask them to match the current switcher offer from Bank of Scottland ([broken link removed]). I believe that this is probably the best value tracker for LTV 75% at the moment. If they don't match it, switch!!!!!