Well it’s not a Standard Variable Rate.
so you could read from this that if she is accusing rival banks of doing this - then EBS was not - as they were only putting people on base rate mortgages i.e. trackers - my situation unfolded as follows;
I had a fixed loan offer in 2007
that showed i would be put on a base rate after three years
I then asked for a tracker not a fixed mortgage in early 2008- shortly after i got a new loan offer
and my new loan offer showed a base rate
however at some point when my rate went up and was not following the ecb i asked and was told i was on a standard variable rate - the reason given to me was that the trackers was no longer available to me when I got the loan cheque ( july 2008)- but i never signed a new loan offer ?
I'd an EBS mortgage and asked about switch from an SVR to a tracker probably back when the tracker and SVR were the same. I assume late 2006 early 2007. I was told there was no point, because the tracker and SVR were now equivalent products. The mortgage was small at that point so I didn't care too much.
That was when they were still heavily advertising trackers, so I doubt it was a deliberate or underhand policy to stop someone from getting a tracker.
It seemed EBS thought SVRs were obsolete and all future mortgages would be trackers.
I'd like to see EBS's newspaper advertising from that time. There is a possibility they may have advertised, at the point when their SVR and tracker rates were equal, that their SVR was a tracker.
There are points between 2004-2007 where EBS were only offering trackers or fixed mortgages & SVR’s were not available so there’s a possibility they were trying to phase out SVR’s until the sh*t hit the fan in mid 2008. That’s when they started to alter interpretations of contracts and increase rates & margins on SVR’s or any rate that could be even loosely interpreted as an SVR.I'd an EBS mortgage and asked about switch from an SVR to a tracker probably back when the tracker and SVR were the same. I assume late 2006 early 2007. I was told there was no point, because the tracker and SVR were now equivalent products. The mortgage was small at that point so I didn't care too much.
That was when they were still heavily advertising trackers, so I doubt it was a deliberate or underhand policy to stop someone from getting a tracker.
It seemed EBS thought SVRs were obsolete and all future mortgages would be trackers.
I'd like to see EBS's newspaper advertising from that time. There is a possibility they may have advertised, at the point when their SVR and tracker rates were equal, that their SVR was a tracker.
Pugyo-at the very least you have an argument that you should have been moved onto a tracker with a margin of +1.33 (4.00 ECB base rate + 1.33 at time of draw down).Yes we had something similar with the loan offer being fixed for 3 years and 5.25 variable base rate after that. Then the loan cheque letter stated 5.33% variable base rate. Upping the rate with no agreement.
Where is the legal basis for this coming from? I'm not saying you're wrong, but you're very absolute in your comments on this, so checking there is a basis before getting up the hopes of people on this rate.Correct, any reference to base rate in a loan offer within Europe is a reference to the ECB base rate or refi/repo rate as it is also known as.
ok now i have found an email from my broker to me in Jan 2008 -the subject line of the email is 'VARIABLE OPTION'
and the only rate listed on the page is
E.B.S.
Tracker (New & Existing Business)
LTV 95%
APR 5.30%
when he sent me ( email above) this i asked him what the variable rate was and he replied;
The ‘Tracker’ is a variable rate and is the best one available. The other variable rate option is 5.25%.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?