KBC KBC fixed rate

Discussion in 'Tracker Redress' started by Houseseeker16, 18 Dec 2018.

  1. Houseseeker16

    Houseseeker16 Registered User

    Posts:
    18
    hi there

    I’ve just made a subject matter access request under GDPR and can now see my original mortgage application

    My mortgage form has the option:
    Please tick your choice of interest rate Variable
    Fixed
    Tracker

    I had selected the fixed as it was my first mortgage. Mortgage began Sept 2004 on an interest only basis. Rate was fixed for 3 years

    At the end of the 3 year period I reverted to a standard variable rate and was not advised when I rang that there was a tracker option.

    Is this a case of caveat emptor? Should it say somewhere in my agreement that it would roll onto variable if that’s what happened?
     
  2. haveaniceday

    haveaniceday Frequent Poster

    Posts:
    134
    i am not an expert but have been getting up to speed this last year

    I think your loan offer/loan contract should state
    1)what product ( tracker or SVR)you would move to once the fixed period expired
    and
    2) your application form should have given you the option to select either the tracker of SVR ( assuming they actually had an SVR option and not just a tracker)

    the fact that your only choice in 2004 was tracker or fixed should raise some BIG questions for you ... i.e. if you could not even choose a SVR in 2004 then where the hell did this 'standard variable rate' come from 3 years later that you got moved to??

    Don't even think ... caveat emptor ... when it comes to the banks they are NOT supposed to take advantage of your lack of knowledge :)