mccoypat94
Registered User
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- 137
I think it is, as the wording usually says
"at the end of the fixed rate period, the prevailing variable rate will apply"
Prevailing I take as meaning "current, at the time" - by having the words "at the end of the fixed rate period" it would mean the rate current at that time - eg the date that the fixed rate finishes.
Myself and gnf had this argument before on another thread. But I agree with you unfortunate. Prevailing rate was without doubt a "tracker rate" 10 years ago that is what the Brokers understood it to be too. But kbc have someway convinced the central bank that" it wasn't exactly a tracker " words of Dara Deering from kbc to the Oireachtas. If we were to revert to a standard rate why did they not state SRV on the contract. I also have IIB homeloans renewal rate on my contract too!. Whatever the hell thats meant to be!.. No my point being if SVR existed in 2005 or earlier/later, why wasn't it used in contract and if it wasn't then prevailing rate wasn't SVR
I agree that "10 years ago the prevailing rate was a tracker rate", but today the prevailing rate would be classified as a LTV variable rate. 5 years ago (2013) the prevailing rate would be SVR, as there was little alternatives available.Prevailing rate was without doubt a "tracker rate" 10 years ago
Agree partially with this and I have said this a number of times on the other thread. Whatever about drawdown date, those who signed their letter of Offer after 6th November should be included as they would have been in regular contact with the broker from the application date to offer date, when the flyer came out. The broker was bound to mention it to them at the time !I think the only angles are those who applied before the infamous nov 6th date and drew down afterwards as the flyer says "all fixed rates will now roll over to tracker" As the contract only commences on drawdown, then I'd certainly be fighting strongly if I drew down after Nov 6th and was not put on a tracker
You are back on tracker becasue the infamous flyer sent to brokers stated that fixed rates would roll onto a specific tracker rate (1.25% for most).Hi folks, I received a letter today advising I was one of the ones impacted and would be placed on a tracker rate from end of February which seems to have already taken effect.
I honestly did not expect this as it was the same argument as you had mentioned above and the wording which stated "at the end of the fixed rate period, the prevailing variable rate will apply"
To summarize, started in Jan 2008 for 5 years fixed which would have reverted to the above after the 5 years.
I went through all documentation and did come across a brochure called "mortgage handbook". There is one page that gives details of the fixed rate which I think would possibly support cases above.
The wording states under the fixed rate section "When the fixed rate you chose comes to an end, you can agree another fixed rate, or you can switch to a variable or tracker rate at the time. The choice is yours." This is possibly the reason why I am in scope for this as I was not offered the rate based on the mortgage handbook I received for my mortgage.
I can upload some screenshots of the manual if that is of some help.
Thanks,
B~
Hi folks, I received a letter today advising I was one of the ones impacted and would be placed on a tracker rate from end of February which seems to have already taken effect.
I honestly did not expect this as it was the same argument as you had mentioned above and the wording which stated "at the end of the fixed rate period, the prevailing variable rate will apply"
To summarize, started in Jan 2008 for 5 years fixed which would have reverted to the above after the 5 years.
I went through all documentation and did come across a brochure called "mortgage handbook". There is one page that gives details of the fixed rate which I think would possibly support cases above.
The wording states under the fixed rate section "When the fixed rate you chose comes to an end, you can agree another fixed rate, or you can switch to a variable or tracker rate at the time. The choice is yours." This is possibly the reason why I am in scope for this as I was not offered the rate based on the mortgage handbook I received for my mortgage.
I can upload some screenshots of the manual if that is of some help.
Thanks,
B~
Did pk mention prevailing rates today. I think I read he did in relation to ptsb but did he talk about KBC and their view of prevailing.??
As the flyer was sent to brokers only, I would imagine that the best position that can be taken was that anyone who fixed via a broker could claim to be impacted. If the fixing was done directly with the bank, and not via the broker, I am not sure someone would win the argument that they were impacted by it to the FSO - I think you can safely assume KBC would reject the position given their track record.Also Padraic kissane says, that the flyer was for all fixed not just new.
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