Switching from KBC

R

romanticjoe

Registered User
Messages
5
Hi All,

I'm currently in the second year of a LTV <80% variable mortgage with KBC on the current account offer at a rate of 3.6%. I'm getting sick already of the discrimination of existing customers and all rate reduction completely bypassing us. Reading forums I've realised I've made a mistake going with KBC and I am looking to move.

BOI rang me today with the 2% cash back offer which seems good if you go with the 3 year fixed term <80% LTV rate 3.1%. I have 288k remaining so should give me roughly 6k to swap and a slight reduction in monthly repayments.

Has anyone else swapped from KBC recently and are there any other switcher deals/rates out there that people would recommend?
 
Hi RomanticJoseph,

Seems like a no brainer given that saving. Why did you go with KBC in 1st place?

Do you know if there is much hassle associated with switching?

From what I have read EBS are currently the best deal out there with a low rate and a 2% cashback.

Jim
 
jim said:
Hi RomanticJoseph,

Seems like a no brainer given that saving. Why did you go with KBC in 1st place?

Do you know if there is much hassle associated with switching?

From what I have read EBS are currently the best deal out there with a low rate and a 2% cashback.

Jim
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We went with KBC as at the time they were the cheapest I could find and motivation for variable rate was naively thinking that reductions in variable rates would be pushed onto existing customers - how wrong!

The rate I am on currently is 3.6% with 3.66% APRC. On reflection, the BOI 3 year rate is 3.1% however the APRC is 4.0% so payments would be up actually now that I look back. Maybe someone else has gone through the switchover recently and knows of better rates available? The 2% back with BOI is enticing but rate may not make sense.
 
Username2012 said:
I think KBC are now passing on rate cuts to existing customers now...
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Ye it will be interesting to see what they do, it's all a bit up in the air and we can apply from December 1st however i'd be sceptical as to what they will take off existing customers mortgage rates. It hasnt been announced yet as far as I can see
 
romanticjoe said:
Ye it will be interesting to see what they do, it's all a bit up in the air and we can apply from December 1st however i'd be sceptical as to what they will take off existing customers mortgage rates. It hasnt been announced yet as far as I can see
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No they have [broken link removed]

"These competitive new mortgage rates will be available for both new to bank and current KBC mortgage customers. "

Might be better saving yourself the hassle and taking the new lower competitive KBC rate
 
I just cant see existing customers being offered these new rates knowing the banks history of treatment of existing customers. That would mean I would drop .5 of a percent saving an then take the .2 off for the current account deal on top - €115.25 saving a month. It would be great but I'll believe it when I see it!
 
Hi Romanticjoe

I can confirm that they are passing on the recently announced rate cuts to existing customers. I contacted them last week and am awaiting a call back as to whether I will need to get a new valuation to prove the LTV. they did indicate last Friday that they are working out what existing customers need to do and that it would be a few weeks before I would get the call back.
 
Kerrygrrrl said:
Hi Romanticjoe

I can confirm that they are passing on the recently announced rate cuts to existing customers. I contacted them last week and am awaiting a call back as to whether I will need to get a new valuation to prove the LTV. they did indicate last Friday that they are working out what existing customers need to do and that it would be a few weeks before I would get the call back.
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Well that's great to hear, hopefully a practice of passing on rate reductions that the bank continues into the future!
 
From my communications with them, they are allowing existing customers apply for the new rates from 1st December, and will be effective from 1st January.

There is no harm in progressing with the early stages with BOI and EBS, and then stopping if you are happy with what KBC offer you come 1st December. If you think they are being difficult etc, at least you will have taken the first steps in the right direction

I would personally caution against fixing, but that is purely a personal preference. I believe rates may come down a bit more, but no idea when or how.

And yes, any existing customer of KBC is sceptical and will take time to build that trust back up again.
 
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