EBS What does an EBS "Variable Base Rate" mortgage mean?
- Thread starter tonymac
- Start date
Thank you all for your help
The rate attached was I believe the rate that was available on that day that I approached them for the mortgage.
Yes the above hand written page is as clear as mud. I chose initially to go fixed as that was the only 1 I knew anything about. When I spoke with colleges at work they said the Tracker was best.
I went in and asked for the trackTr Before signing any contracts.
I was told you can't change your mind as the paperwork is done. Sure we will look at it when the 3 years fixed is up.
The rate on my contract the variable Base rate was the rate for that day. That is 3.65 +1% =4.65 the tracker rate.
Again this is my interepation.
The ombudsman said if I wanted to go legal to find out the answers to my questions, to do so as he is impartial and cannot give me advice or answer my questions.
I am quering my mortgage since 2010. I kept telling staff in an office what happened to me when I wanted the Tracker mortgage and never once did they ask me if I wanted to put in an official complaint.
This is also part of my case with the ombudsman.
I only heard about the ombudsman on the radio 5 years ago.
I went into the branch and said I wanted to go to the ombudsman.
I was then told I would have to put in an official complaint. If I wasn't satisfied with the outcome then I could go to the ombudsman.
You are correct I am barely paying my mortgage never mind take on the Ebs.
Thank you all for your advice
The rate attached was I believe the rate that was available on that day that I approached them for the mortgage.
Yes the above hand written page is as clear as mud. I chose initially to go fixed as that was the only 1 I knew anything about. When I spoke with colleges at work they said the Tracker was best.
I went in and asked for the trackTr Before signing any contracts.
I was told you can't change your mind as the paperwork is done. Sure we will look at it when the 3 years fixed is up.
The rate on my contract the variable Base rate was the rate for that day. That is 3.65 +1% =4.65 the tracker rate.
Again this is my interepation.
The ombudsman said if I wanted to go legal to find out the answers to my questions, to do so as he is impartial and cannot give me advice or answer my questions.
I am quering my mortgage since 2010. I kept telling staff in an office what happened to me when I wanted the Tracker mortgage and never once did they ask me if I wanted to put in an official complaint.
This is also part of my case with the ombudsman.
I only heard about the ombudsman on the radio 5 years ago.
I went into the branch and said I wanted to go to the ombudsman.
I was then told I would have to put in an official complaint. If I wasn't satisfied with the outcome then I could go to the ombudsman.
You are correct I am barely paying my mortgage never mind take on the Ebs.
Thank you all for your advice
25th July 2017 the Central Bank and Financial Services Authority of Ireland (Amendment) Act 2017 was enacted. This legislation amends the jurisdiction of the Financial Services Ombudsman with particular reference to the 6 year limitation period.
http://www.irishstatutebook.ie
I received a mail stating that the bank is upset that we are not going backwards to Mediation.
So I replied and highlighted the issues that we have all highlighted here.
Thanks for your support.
http://www.irishstatutebook.ie
I received a mail stating that the bank is upset that we are not going backwards to Mediation.
So I replied and highlighted the issues that we have all highlighted here.
Thanks for your support.
They might call it their standard variable rate in that document but evidence indicates it is not a standard variable rate as we know it i.e. the bank can’t change the rate at their own discretion because documentation has shown that the variable base rate is linked to a central bank base rate (ECB base rate) with a specific margin above that rate (+1.25%). This is not a standard variable rate.
Start from the beginnning of this thread & read through each page. Lots of documentation confirming the variable base rate is linked to the ECB base rate at a specific margin. It’s not a standard variable rate whatever EBS says. It’s a post truth strategy by EBS; I can tell you my dog is actually a cat but that doesn’t make it a cat!
kb_whatsgoingon
Frequent Poster
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- 52
Hi Jennybaby - re page 47 its says
1) ' base rate' not 'varaiable base rate'
2) it does not say 'standard variable rate'
3) it contradicts what is in noted on the previous pages under what the EBS describe as the interest rate options available to a lender i.e in their list of Interest rate Options and how the state at the outset that in ireland our interest rates reflect those set by the ECB.
its a jargon buster thats in conflect with other information provided in the document
You have to wonder who was in charge of this bank at the time - how could EBS staff selling and ADVISING their customers on buying mortgages in this EBS organisation actually do this job if they can't produce a guide for buying mortgages that does not simply spell out what they are selling - its really not that hard?
1) ' base rate' not 'varaiable base rate'
2) it does not say 'standard variable rate'
3) it contradicts what is in noted on the previous pages under what the EBS describe as the interest rate options available to a lender i.e in their list of Interest rate Options and how the state at the outset that in ireland our interest rates reflect those set by the ECB.
its a jargon buster thats in conflect with other information provided in the document
You have to wonder who was in charge of this bank at the time - how could EBS staff selling and ADVISING their customers on buying mortgages in this EBS organisation actually do this job if they can't produce a guide for buying mortgages that does not simply spell out what they are selling - its really not that hard?
kb_whatsgoingon
Frequent Poster
- Messages
- 52
jennybaby check out page 4 and 6 of the guide
steps 1 and 7
Did they give you 'good advice'
looks like they gave you a lot of figures anyway
Did they 'help' you fill out your form?
As i understand it ebs will NOT give advice now in 2019 ( i could be wrong about this )
but they certainly did back then - ? worth looking into that too
steps 1 and 7
Did they give you 'good advice'
looks like they gave you a lot of figures anyway
Did they 'help' you fill out your form?
As i understand it ebs will NOT give advice now in 2019 ( i could be wrong about this )
but they certainly did back then - ? worth looking into that too
Last edited:
Hi,
Just started reading these posts.
I took out a 5 year fixed in 2007 and it has on my loan 'variable base' after.
I was never given any other options before or after the fixed ended.
As far as I can see from my documents I only ever applied for a fixed rate.
So how do I prove a 'variable base' could in fact be a tracker?
Apologies if this has been mentioned in previous post?
Do we need to get an idea of how many people could be in the same situation?
Just started reading these posts.
I took out a 5 year fixed in 2007 and it has on my loan 'variable base' after.
I was never given any other options before or after the fixed ended.
As far as I can see from my documents I only ever applied for a fixed rate.
So how do I prove a 'variable base' could in fact be a tracker?
Apologies if this has been mentioned in previous post?
Do we need to get an idea of how many people could be in the same situation?
kb_whatsgoingon
Frequent Poster
- Messages
- 52
Jennybaby - I saw that a while agao - its a pity Charlie weston won't pick up the story now - I am guessing there is a huge amount of people who were given 'variable base rate' i.e tracker mortgages that are been swindled by ebs ( like maybe 5 billion worth)
there is such a good story here- a whistle blower would be great at this point
Back in late 2008 I called EBS To ask what on earth were ebs up to and why was my interets rate going up when the ECB rate was dropping - the woman on the other end of the phone was like ' how dare you complain don't you know there are people working here that are going to lose their jobs'
maybe they just thought they had a right to peoples money as they needed and it they could just push up the rates a bit higher if they needed a bit more cash -- oh yes thats is exactly what they did
there is such a good story here- a whistle blower would be great at this point
Back in late 2008 I called EBS To ask what on earth were ebs up to and why was my interets rate going up when the ECB rate was dropping - the woman on the other end of the phone was like ' how dare you complain don't you know there are people working here that are going to lose their jobs'
maybe they just thought they had a right to peoples money as they needed and it they could just push up the rates a bit higher if they needed a bit more cash -- oh yes thats is exactly what they did
Kb what's goin on I have to agree with you. It reminds me of when the church were followed no matter what they said from the pulpit. We the people believed what they said.
Then came scandle after scandle and we opened our minds and said they are not to be trusted.
It's exactly the same the banks, they spoke to us and we agreed like little puppies. Until scandle after scandle got us thinking that they are not infallible either.
I got a reply from the EBS ststing that the banks got rid of the tracker and they are struggling because of the ones they did give out. My heart blead for them
Thank God our children have witnessed all the scandles, they question everything. That way they will have little or no scandles to sort out
Then came scandle after scandle and we opened our minds and said they are not to be trusted.
It's exactly the same the banks, they spoke to us and we agreed like little puppies. Until scandle after scandle got us thinking that they are not infallible either.
I got a reply from the EBS ststing that the banks got rid of the tracker and they are struggling because of the ones they did give out. My heart blead for them
Thank God our children have witnessed all the scandles, they question everything. That way they will have little or no scandles to sort out
The pillar banks now sponsor our the Junior GAA leagues. Makes me sick.
Pascal Donohue put out an article from his department claiming tracker mortgages were the reason rates here were so high yet Mario Draghi said on a recent visit it was due to a lack of competition.
Add to that Pascal should of sold bloody AIB when he had the chance.
You're right at least our children won't be duped by these actors in the future.
Pascal Donohue put out an article from his department claiming tracker mortgages were the reason rates here were so high yet Mario Draghi said on a recent visit it was due to a lack of competition.
Add to that Pascal should of sold bloody AIB when he had the chance.
You're right at least our children won't be duped by these actors in the future.
Inquisitor
New Member
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- 3
This illustrates the complete misunderstanding and misconception the Minister of Finance has about banking in general and in particular, the reasons why mortgage interest rates are so high in this Country compared with our European neighbours. I am undecided if the article is propaganda or complete ignorance on behalf of the Minister.
Did you have more than 1 mortgage with EBS? Cause you've already said you fixed for 2 years in 2008.