How are banks reacting to Covid19?

evosteo

Just checked EBS website and found this.

Is this not at odds to what the government announced last week?:mad:


Bespoke supports for our Mortgage Customers impacted by COVID-19
We know that many of you are worried about COVID-19. At EBS we are determined to continue to support you through this situation and we encourage you to contact us if you have been financially impacted by COVID-19.

For those who may be concerned that you won’t be able to make your mortgage repayments as a result of COVID-19, we have developed two solutions specifically designed to support you during this time.

You can apply to take a 3 month payment break (moratorium) on your mortgage repayments.
Or you can apply for 3 months of interest only mortgage repayments.
If you would like to apply for a three-month break from payments or to pay interest only from April 2020 please call our team on 1850 330 044. (Opening Hours: Monday to Thursday 9am to 8pm, Friday 9am to 6pm, Saturday 9am to 1pm).

It is important to note that when the moratorium or interest only period ends, your monthly repayments over the remaining term of your loan will be increased to ensure that your mortgage will be repaid (together with interest due) within its original term.

It is also important to note that the payment holiday is for Mortgage repayments only. For customer(s) who arranged House Insurance, Life Assurance and/ or Payment Protection Insurance through EBS, these premiums will continue to be collected via an amended direct debit. For non direct debit customer(s) these premiums will continue to require payment to avoid the loan going into arrears.

Also please note that at the moment this solution is only applicable to Private Dwelling Home (PDH) and not Buy-To-Let (BTL) customers. However we continue to work on this solution and expect to be able to include Buy-To-Let customers in the next couple of days so please check back during the week to get the latest updates on Buy-To-Let customers.

If you are facing financial difficulty separate to COVID-19, click here to see how we can support you.

antix80

evosteo wrote: »

Currently in year one of a 5 year fixed with EBS,

Is term only 5 years?

Maybe refinance.

evosteo

antix80 wrote: »

Is term only 5 years?

Maybe refinance.

35 years. Just fixed last sep for next 5 years due to brezit etc... 29 years to go

antix80

evosteo wrote: »

35 years. Just fixed last sep for next 5 years due to brezit etc... 29 years to go

In that, don't worry about a 3 month payment holiday!

Tinder Surprise

For the first time in 15yrs paying a mortgage I may need to ask to stop paying for a short period (with a bit of luck) as my wife is on the verge of being temporarily let go.

I'm with AIB

There seems to be a couple of options but what's best to make sure I don't end up paying a lot more back than would have originally with regular payments.

All advice welcome and thanks in advance

antix80

Tinder Surprise wrote: »

For the first time in 15yrs paying a mortgage I may need to ask to stop paying for a short period (with a bit of luck) as my wife is on the verge of being temporarily let go.

I'm with AIB

There seems to be a couple of options but what's best to make sure I don't end up paying a lot more back than would have originally with regular payments.

All advice welcome and thanks in advance

Very simple really... take the payment holiday to free up your cash. By not paying back your mortgage, you're effectively borrowing at a rate of perhaps 2.5-3% which beats sticking groceries on your credit card and paying 13-19%.

At the end of the payment holiday, your bank will adjust your payments upwards slightly to make sure your payments still pay off your mortgage on time.

Even though the rate is low, you still don't want to pay off 3 months of grocery shopping over 20 or 30 years... so when things get better, it would be a good idea to pay a lumpsum off your mortgage or increase your payments slightly.


I think it's a good idea for everyone who has other debt (car, credit card, credit union etc) to avail of the mortgage holiday and use it to clear the more expensive debt.

Other things you can do... switch to a 5 year fixed rate. Some banks are offering a better fixed rate than variable. Sure, the variable rate can fall, but the fixed rate cannot rise and security is good in times like these.

You should also review your life assurance policies and house insurance to make sure you're not paying too much. My sibling had been paying an expensive PHI policy for years despite no longer being self-employed and not eligible to receive benefits.

Tinder Surprise

antix80 wrote: »

Very simple really... take the payment holiday to free up your cash. By not paying back your mortgage, you're effectively borrowing at a rate of perhaps 2.5-3% which beats sticking groceries on your credit card and paying 13-19%.

At the end of the payment holiday, your bank will adjust your payments upwards slightly to make sure your payments still pay off your mortgage on time.

Even though the rate is low, you still don't want to pay off 3 months of grocery shopping over 20 or 30 years... so when things get better, it would be a good idea to pay a lumpsum off your mortgage or increase your payments slightly.


I think it's a good idea for everyone who has other debt (car, credit card, credit union etc) to avail of the mortgage holiday and use it to clear the more expensive debt.

Other things you can do... switch to a 5 year fixed rate. Some banks are offering a better fixed rate than variable. Sure, the variable rate can fall, but the fixed rate cannot rise and security is good in times like these.

You should also review your life assurance policies and house insurance to make sure you're not paying too much. My sibling had been paying an expensive PHI policy for years despite no longer being self-employed and not eligible to receive benefits.

thanks so much for such a comprehensive reply

lawrencesummers

I was offered a 3 month break by Pepper

So no payments of 1200 for the next three months and then that amount will be added to the remaining term of the mortgage, meaning i will pay nearly 6500 for the 3600 that's not paid in the next 3 months.

I asked about taking 3 months off but paying it back over a shorter period like 1 - 3 years and they hadn't heard of it, but was going to check on it.

She also said that i could take 3 months off and then add it to the end of the mortgage but that would need a financial statement to be completed, she was giving me the impression that doing that would take time and be hard to complete. I might follow that up though.

I came away with the distinct impression that they are using this crisis to make a nice profit in the long term off their customers.

Salary Negotiator

lawrencesummers wrote: »

I was offered a 3 month break by Pepper

So no payments of 1200 for the next three months and then that amount will be added to the remaining term of the mortgage, meaning i will pay nearly 6500 for the 3600 that's not paid in the next 3 months.

I asked about taking 3 months off but paying it back over a shorter period like 1 - 3 years and they hadn't heard of it, but was going to check on it.

She also said that i could take 3 months off and then add it to the end of the mortgage but that would need a financial statement to be completed, she was giving me the impression that doing that would take time and be hard to complete. I might follow that up though.

I came away with the distinct impression that they are using this crisis to make a nice profit in the long term off their customers.

What kind of mortgage have you got? Fixed or variable?

Should be nothing stopping you overpaying on a variable or saving a lump sum to pay off when the fixed period ends. You might even be able to over pay on the fixed but that depends on the provider’s terms.

So, you could pay that money back over a much shorter period thus saving on interest.

Jayzee.

Trying to sort an issue with my card but can't contact them

Tap not working

antix80

Jayzee. wrote: »

Trying to sort an issue with my card but can't contact them

Tap not working

Use chip and pin.

If it's a new card you need to activate online, then do a chip and pin transaction for tap to work.

LastStop

Jayzee. wrote: »

Trying to sort an issue with my card but can't contact them

Tap not working

The €50 limit for tap hasn't been brought in yet. I thought it was already and tried tapping for 44quid and it wouldn't work.

theoldbreed

kravmaga wrote: »

A lot of people including myself and my partner went to Revolut and N96 over a year ago.

I have a Revolut card and find out great, what's the difference between it N26? Would you do your actual banking with N26? Direct Debits etc

antix80

LastStop wrote: »

The €50 limit for tap hasn't been brought in yet. I thought it was already and tried tapping for 44quid and it wouldn't work.

Supermarket's systems are still stuck at €30, even for Google and apple pay

Dodge

antix80 wrote: »

Supermarket's systems are still stuck at €30, even for Google and apple pay

Not supermarkets for google/Apple. Just Tesco AFAIK. Certainly Dunnes and Aldi don’t have this restriction

The increase to 50 for contactless won’t happen until April

Jayzee.

LastStop wrote: »

The €50 limit for tap hasn't been brought in yet. I thought it was already and tried tapping for 44quid and it wouldn't work.

Tap not working at all for me, have to use pin everytime

Couldn't get through to bank on fone

lawrencesummers

Salary Negotiator wrote: »

What kind of mortgage have you got? Fixed or variable?

Should be nothing stopping you overpaying on a variable or saving a lump sum to pay off when the fixed period ends. You might even be able to over pay on the fixed but that depends on the provider’s terms.

So, you could pay that money back over a much shorter period thus saving on interest.

I’m not talking about the issue of OVERPAYING. I’m talking about just PAYING.

Salary Negotiator

lawrencesummers wrote: »

I’m not talking about the issue of OVERPAYING. I’m talking about just PAYING.

I know. But you seem to think that your only option is to take the payment holiday and then repay it at the end of the mortgage.

I’m just pointing out that there are other steps you can take to minimize the amount of interest or impact of that break.

lawrencesummers

Salary Negotiator wrote: »

I know. But you seem to think that your only option is to take the payment holiday and then repay it at the end of the mortgage.

I’m just pointing out that there are other steps you can take to minimize the amount of interest or impact of that break.

You didn’t read what I posted so.

The only option that they have been forthcoming with is a 3 month break, followed by increased payments for the duration of the mortgage. So 3600 not paid in The next moths that will cost 6500 over the term of the mortgage.

They haven’t been forthcoming with any other option, they are due to come back to me with an option Of repaying the 3600 over 2 years and more info on adding 3 months to the end.

Salary Negotiator

lawrencesummers wrote: »

You didn’t read what I posted so.

The only option that they have been forthcoming with is a 3 month break, followed by increased payments for the duration of the mortgage. So 3600 not paid in The next moths that will cost 6500 over the term of the mortgage.

They haven’t been forthcoming with any other option, they are due to come back to me with an option Of repaying the 3600 over 2 years and more info on adding 3 months to the end.

I read it and understood it. The problem is that you don’t understand mortgages and how they work.

lawrencesummers

Salary Negotiator wrote: »

I read it and understood it. The problem is that you don’t understand mortgages and how they work.

If you read what I had initially posted you would have seen that the bank were not forthcoming with what your suggesting.

The problem isn’t my understanding of mortgages, which is just fine. The problem is what the bank is offering, and what they are not offering.

Salary Negotiator

lawrencesummers wrote: »

If you read what I had initially posted you would have seen that the bank were not forthcoming with what your suggesting.

The problem isn’t my understanding of mortgages, which is just fine. The problem is what the bank is offering, and what they are not offering.

What are they not offering?

I’ve already pointed out 2 ways you could repay the delayed capital repayments early but you don’t seem to understand that any overpayment, either regular or a lump sum, can be used to reduce the capital outstanding.

lawrencesummers

Salary Negotiator wrote: »

What are they not offering?

I’ve already pointed out 2 ways you could repay the delayed capital repayments early but you don’t seem to understand that any overpayment, either regular or a lump sum, can be used to reduce the capital outstanding.

I’m not sure how I can explain this any simpler.

The problem isn’t OVERPAYING.
The problem is actually PAYING.

I know that an additional repayment be it regular or once off reduces the outstanding balance, but that’s got absolutely nothing to do with this. You may as well be talking about sausages.


I’ve detailed what they HAVE offered. Can you try and read the first post that I made on this, it was pretty simple. They only Offered one thing to me.

Salary Negotiator

I give up.

lawrencesummers

Salary Negotiator wrote: »

I give up.

Apologies, I tried to use small words where possible.

Salary Negotiator

lawrencesummers wrote: »

Apologies, I tried to use small words where possible.

Between this and the PCP thread maybe finance isn’t for you.

lawrencesummers

Salary Negotiator wrote: »

Between this and the PCP thread maybe finance isn’t for you.

You’ve taken to stalking.

Good for you.

KierKenn

1. Will taking the mortgage break currently being offered by bank affect life assurance cover for the mortgage?

2. Would taking the mortgage break allow the bank to take a tracker mortgage?

Q&A

KierKenn wrote: »

1. Will taking the mortgage break currently being offered by bank affect life assurance cover for the mortgage?

It won't void your mortgage protection if that's what you're worried about. As your mortgage term is not increasing you'll be covered for the whole term. The only situation I can think is if you've only just taken out your mortgage (first 16 months or so). It could happen that there is a shortfall i.e., after 3 months the value of policy is less than your outstanding mortgage.

The shortfall would naturally disappear over time (15 months or so) as your protection decreases at a slower rate than your mortgage.

Alternatively, I imagine if a shortfall did occur the bank could ask you to increase your cover. Because a 3 month mortgage break can only lead to negative cover in the early part of your mortgage there shouldn't be an issue for the mortgage protection provider. As a guess, any change in monthly mortgage protection premium to reflect the higher mortgage is likely to amount to cents.

KierKenn wrote: »

2. Would taking the mortgage break allow the bank to take a tracker mortgage?

I very much doubt it. In the worst case for you is the deferred payments are considered as a second loan They might charge that at a different rate.

In the greater scheme of things the 3 months deferral will be a very small part of the overall mortgage they'll probably just use your prevailing mortgage rate.

No harm checking with your lender but I think most banks are still licking their wounds after the last tracker scandal to do it all over again.

somewhere45

McGaggs wrote: »

Someone tell Tesco to get rid of their limit on Google Pay

Contacted tesco asking them if there is a limit ( know there is ). No reply yet
2 days ago

Contacted Lidl, pinged me back 1 hours later saying no limit.

Will contact tesco again telling them I'll take my business elsewhere.