EBS Mortgage rate rise

wicklowdub

Apologies if not in the right forum

Anyone else see there monthly repayment drop from next month even though there is a .25% rate hike on variable rate? Nothing to do with TRS as I have checked with revenue. Only 7 years in so there wouldnt be any real drop in principle that would have an effect, is this a mistake by EBS?

Davy

Did you make an extra lump payment this month that you wouldnt have taken into account?

wicklowdub

I wish.

No I think its a mistake.

rainbowtrout

Was it a big drop? I had that happen me with BOI last month or the month before when the ECB rate went up .25%. I have the mortgage repayments done out on a spreadsheet and was expecting it to go up by about €5 (small mortage, not many years left), but it ended up going down by €1

In my case when I look at the very last payment in a few years time, if I was to pay the full payment it puts me over by a few hundred euro, so I think when the mortgage rate was adjusted, the new repayment still has it paid off but with less of an over payment on the very last payment, if that makes sense.

wicklowdub

About €250 or so, I was expecting it to rise by about €45-€50. I contacted the bank and ask what my payment was going to be (didnt mention the letter) and it was what I had expected it to be. Seems like a massive error.

mydarkstar

I got my EBS letter today, the 0.25% increase now shows as a decrease of €160 per month. I really like the 'new repayment' figure but know it can't be right.

Like yourself I have had the mortgage too long for it to be a TRS issue.

When you rang EBS did they state a higher figure for August - ie higher than your current repayment?

The letter contradicts itself in that it says "As your current fixed payment amount is now insufficient to clear your loan within the original term your debit will automatically change", while showing me a lovely new low repayment.

corklady

I got my letter today too ..... while the 0.6% increase in April increased my repayment by €72, this 0.25% rise is looking to increase my repayment by €314?!?!? :eek: Am I missing something?

mydarkstar

I rang them today and asked them for the new repayment amount. They confirmed it was an increase similar to what I had expected.

I told about the letter, they said it was a mistake and they would check into it. I will get another letter confirming the correct August repayment.

Corklady, you should definitely ring them to find out what your correct figure is.

corklady

I was just on to them and the letter was a mistake alright .... phew! Apparently a lot of they've been getting calls all morning!