gnf_ireland
Registered User
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@bluestilton The issue here is prior to the loan agreement the rate was changed and no one spotted it. The bank or broker changed this, probably based on underwriting criteria, and was not picked up on your side - either by you or your solicitor (or the broker - who I believe works for you since they are ultimately being paid by you via commission)Somewhere between broker and bank this was changed on application form to discounted variable. Unfortunately we did not cop this until recently.
They are likely to blame the broker, or say you did not qualify for a tracker due to underwriting concerns and blame the broker for not telling you. Either way, I cannot see the bank accepting responsibility here.Complained to bank with no luck.
To be fair they would not have known at that point that trackers would be completely taken off the market. I am sure you would have been able to sign up for a tracker, if one had existed on the date of expiry of the fixed rate.Every time the tracker rate increased we got a letter advising us of the new monthly direct debit change, as we should have. On the bottom of each of these letters was encouragement from KBC to talk to them about their attractive fixed rate options. They didn’t say that after the fixed rate that you wouldn’t be getting your tracker back, ever.
Not disagreeing here, but I think your case here is weak. Your default rate is variable. You moved to a tracker and then to a fixed rate. Once the fixed rate expired you could have moved to any available rate the bank had, but sadly times changed in the intervening time and trackers were no longer available, and have not been available since. I don't think anything was hidden from you here - I think you were just a victim of the withdrawal of trackers from the market => no difference to myself when I bought in 2011 - my options where variable or fixed - no trackers, no LTV variables etc.The consumer protection code introduced in August 2006
Finally my letter came today (delayed as name and part of address was covered)- finally its in black and white. 9 years 4 months after my fixed rate was up.
Now I'm off to buy a picture frame and hang it on the wall as a 100k reminder to check every wrd of small print in any major contract I sign.
Hi Peemac,
is this your rate change letter or compensation letter?
Finally my letter came today (delayed as name and part of address was covered)- finally its in black and white. 9 years 4 months after my fixed rate was up.
Now I'm off to buy a picture frame and hang it on the wall as a 100k reminder to check every wrd of small print in any major contract I sign.
Top up would be at whatever rate was agreed at top up. Whilst it is seen by some as the same loan, I would suspect its a separate agreement.Hi i got letter from kbc to advise of rate change and the new rate is margin 1.25% and interest rate 1.25%. Does anyone know if this is the correct rate?. As main mortgage tracker impacted reduced by only 50.00 a month. We also have a top up taken in feb 2007 with they have deemed not impacted.
Hi MaureenThank you for that. The balance o/s on our mortgage is lower now i assume thats the correction. However over the years taken out original mortgage in 2003 we have overpaid what we could. Do you think i have case to insist that that is paid off non tracter portion of loan from 2007.
Kbc have advised we have 11 years left on mortgage. Would the interest be that low now. Original mortgage was for 189000 in 2003 and top up 100000 in 2007.
Hi MaureenThank you for that. The balance o/s on our mortgage is lower now i assume thats the correction. However over the years taken out original mortgage in 2003 we have overpaid what we could. Do you think i have case to insist that that is paid off non tracter portion of loan from 2007.
Kbc have advised we have 11 years left on mortgage. Would the interest be that low now. Original mortgage was for 189000 in 2003 and top up 100000 in 2007.
My understanding from KBC is anyone who took out a mortgage before September 2013 has this redraw feature. I have been granted a partial one for money over-paid to a certain date, as my mortgage was after this date. There is no reason you should not be able to redraw the funds overpaid.From memory if you are in advance payments on your loan you can request that cash back.
You can then pay it off your topup loan.
Or you could stop making payments to the tracker until it’s inline with your contract and hammer money into top up loan.
I think most banks departments are flooded with queries at the moment. They are probably answering them the best the can, but I can imagine its not the easiest job at the moment for the staff working there. I appreciate your frustration, but an extra week won't make a material difference, and you can always request it to be back-dated based on the timeliness of their responses.I've asked if I can either take the capital payment off the fixed portion instead or withdraw it altogether. I also phoned twice last week only to be told my email won't be answered until at least the end of next week despite getting an automated response saying I'd get a reply within 3-5 working days.
I am not sure I would bother email the tracker team. If you accept you are not getting the tracker on the top-up, I would simply raise a formal complaint into KBC to address it via the standard process. You just need to decide what you want to do.I wil email the tracker team at kbc and await a response. They seem to have different ans each time i phone.
This would be an interesting discussion in its own right - is it treated as similar to a split mortgage? Does it have its own mortgage account? Can you have two different fixed rates & periods on it? I have never done a top-up, but would be interested in how clean the banks are in differentiating between the two.Top up would be at whatever rate was agreed at top up. Whilst it is seen by some as the same loan, I would suspect its a separate agreement.
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