I would encourage anyone who is thinking of switching to KBC to avoid them, and instead go to AIB or Ulster Bank, both of which treat new and existing customers the same.
I am in the same boat, except its only 3 cuts for me (I signed up on the 3.55% rate). However, I would say that it is within your control to switch away from them (once your probation is up), and should enough people do this then the policy will no doubt change. There are others who are trapped, who would be very envious of the position we are in.But since I drew down the mortgage, KBC have reduced their rates 4 times for their <60% LTV product (3.55%, then 3.50%, then 3.25%, and now 3.15%). Each time they cut their rates, it’s a real kick in the teeth, as they won’t put me on the new rate.
And if the new bill forces them to offer you the new rate, obviously you will accept it.What’s upsets me is that KBC won’t give me the same rate as new customers!
I’m not upset that other people are getting a better deal than me. What’s upsets me is that KBC won’t give me the same rate as new customers!
But if 3 KBC customers on 1st June owe 250K one can be paying 4.05% (me), one can be paying 3.55% (gnfIreland above) and one can be paying 3.15% (new customer)
So 3 of us have the same product but have 3 different prices.
To be absolutely pedantic here, are we on the same products ?
If I look at my original BoI Mortgage Agreement, the product I have signed up to has been assigned a particular code on it. I cannot seem to find the same code on the KBC mortgage offer.
Has anyone been successful in finding it, and if so you let me know where it is. This should be 'key' to any complaint in line with the details above
BTW - I am on a LTV<60% rate
@qwerty5 If I was being honest, I would say we are on different products (I define a product as a commercial offer to customers), but utilising the same underlying service (lending of money).
The commercial offer I signed up to is a "LTV<60%" offer, as opposed to a LTV 60-80% offer.
Product/Offer differentiation is widespread in the market place - I am not sure you will convince any 3rd party that this is not a feature of business today.
Does that make sense or sound reasonable? I will add that it is my personal view on it only
Yes, this is why I asked the question. Someone signing up to a LTV<60% product today, I am wondering if that is the same LTV<60% product that I signed up to? If so, how have KBC differentiated them externally, and is it a 'reasonable' differentiation.So for the new "new" customers what does that mean? Are they going to remain on a rate different to you? It looks like they have exactly the same product as you.
Or do they become an old "new" customer to get your rates or become an "existing" customer to get my rates.
That's fair enough on their website, but I wonder are they naming them in the mortgage home loan agreements with the customers. If they are, and they are the same product, this may be a different matter. Charging differently for different products is one thing, different for the same product is another matter, especially if the difference is not covered by an introductory promotion, that is clearly communicated to the customerKBC aren't naming products they have new and old customers if you look at their site.
Don't be so convinced on that. I imagine when the generic T&C's where written up they may not have adopted the policy they now have. Lots of companies make 'omisions' in their T&C'sI'm sure they have it covered in the T&Cs and I'm not really too bothered about it.
I am - and looking through all the detail I have to see what I can do about it. Ultimately I know I can switch, if I have toI'm not really too bothered about it.
And I agree completely here. I was replying to you as a "slightly educated customer but no expect" as well, but drawing on logical experience in other industries around product differentiation. But I am sure there are experts out there who would question the behaviour and I imagine they are probably in a very grey area at best.I was just throwing it out there in case anybody who's an expert might say "hang on a minute". As a customer (a slightly educated customer but no expert) I can just surmise. I don't expect KBC to be fair, their only function is to make money but they're also regulated.
Is that not just another way of saying the same thing?
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