KBC changes direction? Stopping discrimination against existing customers?

Discussion in 'The Fair Mortgage Rates Campaign' started by Brendan Burgess, Oct 26, 2016.

  1. Kerrygrrrl

    Kerrygrrrl Registered User

    Thanks for replies. Will report back in due course. And Brendan, thanks for all your work on highlighting this in the media. I believe the announcement today is due in no small part to this.
  2. Silvio Dante

    Silvio Dante Frequent Poster

    I've got absolute nowhere with KBC
    Two phone calls, they admit they know nothing of the details yet, took number and said I could expect a call back in December.
    Then valuer has to be sent out and report back etc..

    This is poor form (although par for course), KBC got a raft of positive PR for this but do not seem keen or at best even ready for the shift.
    I will be astonished on past form if I get sorted by February and I'd say zero prospect of any back dating.

    Anyone fare any better?
  3. LeannD

    LeannD Registered User

    I wonder if valuation can be done before 1st of December as bank's approved valuers will be in high demand after that... :/
  4. Subotai

    Subotai Frequent Poster

    I am currently with KBC on the <60% LTV product, with a rate of 3.65%. I was actually was in the process of switching to Ulster Bank, and i got approved from them last month. I could switch and get a rate of 3.10%. I was all set to go in and sign the mortgage contract with my solicitor when KBC announced they were dropping their rates. So i've put the switching process on hold to see how this rate drop with KBC will pan out.

    One would presume that as my LTV has already been established, that on the 1st December my rate would automatically drop from 3.65% to 3.05%, which is the new rate for the <60% LTV product. I rang up to ask the other day, but the person in customer care didn't know and couldn't answer the question.

    It would seem daft that i would have to get the house valued, seeing as the product i am on is already the <60% LTV, but nothing would surprise me with KBC!
  5. gnf_ireland

    gnf_ireland Frequent Poster

    I guess you will now change your mind on this again :)
  6. willyfones

    willyfones Registered User

    Hi Subotai, I was finally able to speak to someone at KBC to confirm that as house prices can go up or down you would still need to submit for another valuation (my LTV is less than 50% as established on my mortgage). I believe the valuation are only valid for 2 months or so anyway.

    I am going to arrange another valuation for my property (even though we all know house prices have increased) and obviously none of this nonsense would be required for KBC to put up the variable rate,, they would just do it..

    I am going to take the hit on the valuation fee (130 euro or so) and reduce my rate from 3.3 to 3% I could fix for 5 years at 3%,, not a bad offer IMO.. but I probably would bet rates may drop again over the next 24 months..
  7. Subotai

    Subotai Frequent Poster

    Yeah i've been thinking about this over the last few days, now that KBC's strategy is now clear.

    My LTV is <50%, so if i stay with KBC i can get a rate of 3.00% variable.
    If i switched to Ulster Bank the rate will be 3.10% variable.
    I don't want to fix, and become captive to any bank!
    So i'm inclined to stay with KBC for now, pay the €127 valuation fee, and get the 3.00% rate.

    I can always switch next year to another bank if a better rate becomes available.
  8. Kerrygrrrl

    Kerrygrrrl Registered User

    That's my thinking also. Have the valuer booked.
  9. test123

    test123 Frequent Poster

    @Kerrygrrrl did you get any response from KBC if you needed a new valuation to get the rate cut?
  10. Fire away

    Fire away Registered User

    In the middle of completing this. Everybody needs to 130e valuation no matter the LTVI sent in forms rang them up 4 days later to confirm everything. I have fixed for 1 year @2.9 then I go into my Ltv variable rate 60- 80% which is 3.1 or if rates change new business variable rate at time when 1 year fix is up.