I'm applying for a mortgage from KBC and a couple of the Terms & Conditions have concerned me. These are on the application form. The first is
Consent Under the Consumer Credit Act, 1995
The applicant hereby consents for the purposes of Section 46 of the Consumer Credit Act 1995, to any telephone call, at home, at work, and on a mobile phone, or to any visit at home or at work from KBC Bank Ireland, to the applicant(s), the applicants employers, or any member of his/her family or any person acting on his/her behalf.
There is room underneath for both parties to sign. I presume if we don't sign our application won't be considered, but this condition seems a bit much to me. Is that standard?
The second relates to fees. It states "Each alteration to the mortgage product (inc rate) may be charged at a cost of €38, the processing of each update to property insurance details may be charged at a cost of €30 and the processing of each updated life assurance details at a cost of €30."
I presume this means that any change they decide to make to the variable interest rate they could charge €38. And also property insurance is likely to change every year so that's another regular cost.
An arrangement fee of 0.5% when the loan check is ready for issue is also mentioned. Does anyone know how likely it is that any of these charges will be levied?
KBC appear to have very competitive rates, but is that just because of lots of hidden fees?
Thanks
Consent Under the Consumer Credit Act, 1995
The applicant hereby consents for the purposes of Section 46 of the Consumer Credit Act 1995, to any telephone call, at home, at work, and on a mobile phone, or to any visit at home or at work from KBC Bank Ireland, to the applicant(s), the applicants employers, or any member of his/her family or any person acting on his/her behalf.
There is room underneath for both parties to sign. I presume if we don't sign our application won't be considered, but this condition seems a bit much to me. Is that standard?
The second relates to fees. It states "Each alteration to the mortgage product (inc rate) may be charged at a cost of €38, the processing of each update to property insurance details may be charged at a cost of €30 and the processing of each updated life assurance details at a cost of €30."
I presume this means that any change they decide to make to the variable interest rate they could charge €38. And also property insurance is likely to change every year so that's another regular cost.
An arrangement fee of 0.5% when the loan check is ready for issue is also mentioned. Does anyone know how likely it is that any of these charges will be levied?
KBC appear to have very competitive rates, but is that just because of lots of hidden fees?
Thanks