KBC KBC - redress amounts confirmed?

[noredress]

Can I get some advice took out mortgage in 2004. Went on Tracker in 2006 and in March 2007 applied to move to fixed rate for 3 years. KBC wrote back and confirmed fixed rate but only up to March 2009 2 years not 3 years.

Took out 2nd mortgage in 2008. Redeemed first mortgage in June 2009 (according to KBC fixed rate should have ended in March 2009). Had to pay break out fee in excess of €3000 on redemption. Also requested to transfer interest rate from mortgage 1 to mortgage 2 this was approved after I paid a fee.

My query should I have reverted to Tracker on Mortgage 1 in March 2009 and been on same at redemption and should that rate have transferred to mortgage 2

Thanks

 

[peemac]

Can I get some advice took out mortgage in 2004. Went on Tracker in 2006 and in March 2007 applied to move to fixed rate for 3 years. KBC wrote back and confirmed fixed rate but only up to March 2009 2 years not 3 years.

Took out 2nd mortgage in 2008. Redeemed first mortgage in June 2009 (according to KBC fixed rate should have ended in March 2009). Had to pay break out fee in excess of €3000 on redemption. Also requested to transfer interest rate from mortgage 1 to mortgage 2 this was approved after I paid a fee.

My query should I have reverted to Tracker on Mortgage 1 in March 2009 and been on same at redemption and should that rate have transferred to mortgage 2

Thanks

I don't think so as the original rate was a standard variable and you moved to tracker for a short period and then moved to fixed and then redeemed after you fixed. So even if you had a case, there would be no loss as the loan was redeemed. Unless the document when you switched clearly stated that it would move to tracker for the life of the mortgage, there's no case to be answered.

Also I don't think any bank tranfers a rate from a redeemed loan to a new loan unless that rate is generally available. (trackers were well gone by June 2009) In the new mortgage you would have the agreed rate in writing and signed that document.

I don't understand the redemption fee, as there's no redemption fee for paying off a svr

 

[steely1]

Hi all just looking for some feedback to get some opinions and advise .
We applied through broker in September 06 to few banks and received a few offers back €292,100 92% mortgage received an offer 22/9/06 from KBC fixed @ 4.59 % 2 years , through the jigs and reels we did not proceed with the sale under that letter of offer as we were sitting tenents in the house we were buying and were in no rush . We then decided to proceed with the sale as rates we moving and instructed our solicitor of same , we received another letter of offer 23/1/07 fixed 2 years @ 4.99 % and drew down 26/1/07 . We were in constant contact with the broker who had previously told us we would roll off to a tracker if we went with KBC ( I have non of this in writing though ) he also arranged our life insurance in the January which would show we were in constant contact with him and KBC have copies of this .
When our fixed term ended we were rolled onto a standard variable . I queried this at the time and was told that the tracker was no longer available . Being young and trusting that the bank had my best interests at the forefront accepted this and just moved on . We then fixed again in Feb 2011 for 3 years I think this was at 5 % as things were getting tight and we needed security of payment amount . We then rolled back to a standard variable and are now same at 4.25 % .
I have been going back and forth with KBC since October 17 . I have received 2 letters now stating we are not impacted . I have queried this both times . I now have lodged a formal complaint with them 21/2/18 they came back to me saying they will revert no later than 21/3/18 . Then on 21/3/18 another letter saying they are very busy and will be back no later than 18/4/18 . I have also asked for all data relating to my case be sent to me ( which is being processed currently ) . My contract states roll off to " prevailing variable rate " , KBC are telling me my broker should have had this amended to roll off to Tracker rate ( just a fob off in my opinion ) I sent them a copy of the hand book that came with the letter of offer which clearly states that a tracker is a "variable product " .

I have the bit between my teeth now and am prepared to go the whole way with this even at personal cost as even though we are in a grey area with reference to KBC drawing a line on application dates , I know I am in the right , if anybody could please advise how strong they think my case is ( Just want some devils advocate here ) , As I have spoken to other people and they think my case makes sense but its better to hear from people that are fighting the same fight with a deep knowledge and understanding of the pit falls and how the banks are trying to dodge every bullet

 

[Darn40]

@ steely1 your case looks pretty strong to me.

Might be a good idea to get advice from Padraic kissane on it.

If you could put up pictures of the handbook that might also help others on here.

 

[steely1]

@ Darn40 thanks for the feedback . P Kissane will be my first port of call once I get the complaint closure letter from KBC

If anybody needs any pics of the IIB HOMELOANS Hand book from January 07 message me and I can forward it on

 

[steely1]

Could I also ask is there anybody out there that also have 2 offer letters dated either side of the Flyer date ?

 

[peemac]

@steely1 - definitely a very strong case especially if you can show that you only made an offer on the house you purchased in Nov 2006 or later.

Kbc made the error of extending the previous offer of mortgage that you did not proceed with and should have seen it as a new application.

This is probably one of those mortgages that has fallen through the cracks and should / hopefully see restoration.

I'd get as much material together to show that the original offer was not proceeded with and that the mortgage you did take out was effectively applied for after November 6th.

 

[steely1]

@peemac thanks for the reply , I have read many of your posts and appreciate the input .

Just to be clear offer 1 dated 22/9/06 @4.59% fixed 2 years . Offer 2 dated 23/1/07 @ 4.99 fixed 2 years . In Offer 2 in the Special Conditions attached to the offer
"149 This Letter of Offer replaces the Letter of Offer dated 22.09.2006 which is here by cancelled "
I my mind to re issue an they have re applied on their system to generate to Letter of Offer and draw up new contracts pertaining to to offer on that date.
Has anybody came across anybody tat have 2 Offer letters with different dates like my case ??


We drew down on offer 2 on 26/1/07 . Offer 2 worked out 30k more expensive on the projection given in the offer also .

I have brought up the issue with KBC that offer 2 voids offer 1 and as the new rate was applied it should also follow that the products and terms from that date should also be available to me as per the brokers advise .

They agreed verbally that offer 2 voided offer 1 but said that my broker should have had the contract amended to cement his advise . But that is just passing the buck to me .

I have also enquired if it was a 2 year capped tracker I was put on , but there is no mention of tracker or EVB in the contact just confirmation of the 4.99% rate. This is a stab in the dark though I think but I will be interested to see what is on the application form they have .

 

[Daisy duke]

I have also enquired if it was a 2 year capped tracker I was put on , but there is no mention of tracker or EVB in the contact just confirmation of the 4.99% rate. This is a stab in the dark though I think but I will be interested to see what is on the application form they have .

Your application may have been for the capped tracker as the rate and time frame is similar to mine. However despite my application requesting the tracker I was offered a fixed rate term. Looks like you have been offered similar. When I challenged this with KBC they just said I had no entitlement to a tracker. I also got a similar response blaming the broker for not requesting an amendment to my letter of offer.

God luck with the battle.

 

[steely1]

Did you have 2 offer letters also Daisy

 

[steely1]

Photos of handbook from January 07

 

[steely1]

@steely1 - definitely a very strong case especially if you can show that you only made an offer on the house you purchased in Nov 2006 or later.

Kbc made the error of extending the previous offer of mortgage that you did not proceed with and should have seen it as a new application.

This is probably one of those mortgages that has fallen through the cracks and should / hopefully see restoration.

I'd get as much material together to show that the original offer was not proceeded with and that the mortgage you did take out was effectively applied for after November 6th.

@peemac I have seen you are pretty handy doing the calcs on the redress . If I was successful could you please give me a rough idea of what I would be looking if I were getting the tracker @ 1.25 % above ECB as per flyer .

Just something to show her self that the risk would be worth the reward of going all the way . ( nothing ventured nothing gained )

€292,100 925 Mortagage 4.99 % fixed 2 years ( Jan 07 to Feb 09 ) then on to the variable to Feb 11 fixed 3 years @ 5 % to March 14 than back onto variable right up to today current rate 4.25%

 

[steely1]

meant to say mine mortgage is over 35 years ( unfortunately ) if this makes any difference

 

[peemac]

@steely1
I'm away at present, but circa €55k and ongoing lower mortgage.

I'll do a more accurate estimate tomorrow.

Its well worth fighting for and paying for professional advice.

 

[Tipptop2]

Hi all just looking for some feedback to get some opinions and advise .
We applied through broker in September 06 to few banks and received a few offers back €292,100 92% mortgage received an offer 22/9/06 from KBC fixed @ 4.59 % 2 years , through the jigs and reels we did not proceed with the sale under that letter of offer as we were sitting tenents in the house we were buying and were in no rush . We then decided to proceed with the sale as rates we moving and instructed our solicitor of same , we received another letter of offer 23/1/07 fixed 2 years @ 4.99 % and drew down 26/1/07 . We were in constant contact with the broker who had previously told us we would roll off to a tracker if we went with KBC ( I have non of this in writing though ) he also arranged our life insurance in the January which would show we were in constant contact with him and KBC have copies of this .
When our fixed term ended we were rolled onto a standard variable . I queried this at the time and was told that the tracker was no longer available . Being young and trusting that the bank had my best interests at the forefront accepted this and just moved on . We then fixed again in Feb 2011 for 3 years I think this was at 5 % as things were getting tight and we needed security of payment amount . We then rolled back to a standard variable and are now same at 4.25 % .
I have been going back and forth with KBC since October 17 . I have received 2 letters now stating we are not impacted . I have queried this both times . I now have lodged a formal complaint with them 21/2/18 they came back to me saying they will revert no later than 21/3/18 . Then on 21/3/18 another letter saying they are very busy and will be back no later than 18/4/18 . I have also asked for all data relating to my case be sent to me ( which is being processed currently ) . My contract states roll off to " prevailing variable rate " , KBC are telling me my broker should have had this amended to roll off to Tracker rate ( just a fob off in my opinion ) I sent them a copy of the hand book that came with the letter of offer which clearly states that a tracker is a "variable product " .

I have the bit between my teeth now and am prepared to go the whole way with this even at personal cost as even though we are in a grey area with reference to KBC drawing a line on application dates , I know I am in the right , if anybody could please advise how strong they think my case is ( Just want some devils advocate here ) , As I have spoken to other people and they think my case makes sense but its better to hear from people that are fighting the same fight with a deep knowledge and understanding of the pit falls and how the banks are trying to dodge every bullet

Just a question to all out there . Is there anybody , or do you know of anybody( with KBC ) who were told they are not part of either cohort and not considered impacted and this decision was appealed and then reversed and put onto a tracker and received or are due redress ?

Hi Steely, check the other thread on this regarding KBC redress. Im tipptop2. I have a very similiar case to yourself. I have been advised by KBC that they deemed me not affected based on a list of Central bank criteria regarding the redress invistigations. I have now sent in a formal complaint and have been in contact with P. Kisanne office as I like you put too much trust in the bank and not realise they have pulled a fast one.
Could you tell me what box was ticked on your application form i.e fixed, variable or tracker? My broke did not tick any box but wrote in freehand interest only....

 

[steely1]

Hi Steely, check the other thread on this regarding KBC redress. Im tipptop2. I have a very similiar case to yourself. I have been advised by KBC that they deemed me not affected based on a list of Central bank criteria regarding the redress invistigations. I have now sent in a formal complaint and have been in contact with P. Kisanne office as I like you put too much trust in the bank and not realise they have pulled a fast one.
Could you tell me what box was ticked on your application form i.e fixed, variable or tracker? My broke did not tick any box but wrote in freehand interest only....

I am not sure what box was ticked I have requested all data , I will let you know as soon as it comes through . KBC are due back to me on the 18th April . Did you also have 2 offer letters ?

 

[Tipptop2]

Yes but got a second one because some personal info. was wrong in first one. My application went in before the flyer and drawdown after the flyer was released. The flyer would have influenced by decision as i had another mortgage offer from another financial institution

 

[steely1]

Also when did you lodge your complaint, as far as I am aware they have to revert to you in 40days from receipt of complaint.
I lodged mine on 21st February.
So once they give me the final response on my complaint I will be contacting P Kissane again.

 

[steely1]

Yes but got a second one because some personal info. was wrong in first one. My application went in before the flyer and drawdown after the flyer was released. The flyer would have influenced by decision as i had another mortgage offer from another financial institution

Was the second offer before or after the flyer ? And did the second offer void the first and was there a change in the rates between offer 1 and offer 2 ?

 

[Tipptop2]

I sent my offical complaint this week. Second offer was before the flyer. No change in rates as i was going interest only on 3 year fixed