Hi
Yes, of course you can top up your homeloan assuming the equity is there, EBS are just playing silly beggers with you by trying to force you into a higher margin product.
There are two schools of thought here btw:
A) Get a shorter term loan & pay less interst in the long term
B) Get a longer term loan on a lower rate and ease cashflow pressure
- I'd tell EBS to
shag off, clearly another example of them acting for the good of their membership if they are refusing to let you top up your mortgage, when this is your preferred method & there is no good reason to refuse you.
If they give you any grief, look at switching your mortgage to a cheaper Homeloan provider, including your top up requirement & hopefully get a cheaper Homeloan rate along the way (EBS claim to be the cheapest lender on the market - all smokescreens & mirrors, when they refer to variable rate loans ... always check the cheapest rate by looking at the margin over ECB rate !)
Oh, if you do decide to leave the EBS over this issue, retain a share savings account with a minimum balance of €130 in it. Chances are, there will be a vote some day on demutualising this mutual organisation & retaining a vote may help you get a windfall
Cheers
G>