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Assistance for GRA Members with E.B.S. Mortgages
7th May 2009
The GRA have held detailed discussions with senior Management of the Educational Building Society (E.B.S.) to seek to address the pressure on GRA members who have
Mortgages with E.B.S.and are suffering the financial effects of Fixed Mortgage Interest Rates; Pension / Income / Health Levies and reduced earnings. As a result of these discussions E.B.S. have set up special
Help lines for GRA members where a range of measures of assistance are available.
The Association is conscious of the pressure on members at the moment in meeting their financial commitments and is
appreciative to the Management of E.B.S. in putting the following arrangements in place to try to alleviate these pressures for GRA members.
Members already in Arrears with Mortgage Re-Payments
Where a member is already in arrears with EBS mortgage repayments, they should phone the Help line number
at 01-6658010.
This Help line will be manned by
- Joe Kelly and
- Patricia
Curran
Direct Face-to-Face Meetings
It is possible to arrange face-to-face meetings around the country through Joe or Patricia, however a few points should be borne in mind:
- There will be a
time delay before EBS can set up a meeting, typically 2 to 3 weeks
- EBS only have limited capacity, so the first port of call must be to try to reach an arrangement over the phone to the Help line.
Members Getting into Difficulty but not yet in Arrears
Where a member is getting into difficulty in meeting Mortgage Re-payments but is not yet in arrears they should print and complete the Income & Expenditure and ICB Consent Forms (below) . These forms
are also available by contacting the retention team at tel. 1850 667 842.
- Income & Expenditure Form
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- ICB Consent Form
The completed forms (including loan account numbers and mobile phone number) should be returned to:
Michael Betts,
Top-up Team,
E.B.S.,
2 Burlington Road ,
Dublin 4
Michael and/or his team will then contact the member.
After they have reviewed the forms submitted and after they have determined, in consultation with the member, Joe, Patricia and Michael have the ability to offer:
- Interest only periods
- Top-ups to cover the breakage cost from fixed to variable rates (subject to LTV of 85%)
- Extension of mortgage term to 35 years /
- or to 40 years, provided the mortgage will complete before the holder reaches age 70
GRA members are advised that EBS are not in a position to allow Members out of their fixed rates without recovering the cost to EBS of the breakage.
PLEASE NOTE: THE ABOVE SPECIAL FACILITIES ARE ONLY AVAILABLE TO GRA MEMBERS
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