unfortunate
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Could be wrong here but when calculating s break fund cost from fixed rate don't the bank use "prevailing"rate at beginning of fixed period as part of the calculation. Its the use of the word prevailing is the question. Why not use SVR especially if this was an available product. All institutions were using the term SVR in early 2000's so it was ambiguous wording and could be interpreted anyway really. But get exactly what you're saying. Devils advocate is needed.
I think you are more annoyed at yourself, but sometimes you have to accept defeat.Last post deleted. My apologies for offence caused. But sentiment stands. Top table not willing to stop eating from pot and fix problems
What are your timelines, sound similar to mine? My application was for a capped tracker, but underwriting insisted on the 3 yr fixed. My dates are Oct 06, 10 days pre flyer!What if you were forced to take 3 yr fixed after asking for a tracker ??
I don't think there's an argument to be had on the word "prevailing".
The same could be said about tracker ? Why not say the "prevailing tracker rate" as it was a pre-existing productWhy not use SVR especially if this was an available product. All institutions were using the term SVR in early 2000's
Define what you mean by forced to fix ? Did something put a gun to your head or did you make the decision?What if you were forced to take 3 yr fixed after asking for a tracker ??
The KBC documentation still says this when I moved to them in 2015On the tracker explanation, it states that it is a Variable rate product and tracks the ECB rate
But if their tracker rates are no longer available, then surely the banks prevailing variable rate is the SVR rate.So, in my case I was due to roll on to the Lenders Prevailing Rate, they had 2 variable rates as per their own booklet, variable and Tracker, so why was I put on SVR which was not mentioned in the booklet?
My application was for a capped tracker, but underwriting insisted on the 3 yr fixed.
I think you need to be clear between not being offered a tracker, being offered a tracker but recommended to go fixed and being forced to go fixed. Only you can answer those questions
I assume your date of application is before the flyer date, but what about date of Letter of Offer and when you signed it? I assume date of drawdown is after the flyer date. I think the key dates are when they issued the offer and when you signed it and if you had access to the information in the flyer in the window. Applying for a mortgage does not mean you would sign it, especially if what you asked for was not what you were offered? When did KBC inform you it was being 'moved' to a fixed rate ? What was the exact date of this?My dates are Oct 06, 10 days pre flyer!
Again, I know you are not asking me, but you appear to have answered by response@peemac I am asking u this question is a variable rate that moves in line with that ECB rate a SVR rate or a tracker variable. The rate was in line with ecb .25....
But if their tracker rates are no longer available, then surely the banks prevailing variable rate is the SVR rate.
The SVR rate is just another variable rate, similar to the LTV variable rate and any other sub-category of variable rate they come up with.
Ok - lots of dates been thrown around hereThat is my point, the tracker rate was available
No it was not superseded by the SVR. The SVR is just an instance of the variable rate defined in the booklet.the Variable product as described in the booklet was superseded by the SVR
So if trackers were commercially available in November 2007 by KBC, did you ask them for a tracker rate when you discussed the rollover with them? What did they say to you? What was your response? Did you put it in writing? Did you raise a formal complaint with KBC?the only prevailing variable rate that referenced the booklet was the tracker.
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