KBC KBC says I am not impacted

..MC..

Registered User
Messages
41
Hi,
We never had a tracker, it was an option discussed with the broker at the time but we were advised to fix and went with that.
We were a private dwelling, own home.
I too am confused at the differing advice and situations.
Very happy to hear someone has had a positive outcome.
Will take advice once I have all the documents and lodge a complaint to the ombudsman if necessary.
Bizarre how many are getting different stories but I guess that is reflective of the mess KBC have made.
I will also ask KBC to explain why we are not part of the 650.
It’s so difficult for people to figure out the criteria being applied. I think that’s why this board is so popular ....other than that people have nothing to compare to !
Have you read the wording of mortgage contract if you’ve got it ... I’m wondering is there a variation in language within the same time period... so even though you’ve same draw down date / fixed rate ... it’s within the contract wording that there’s a difference....
 

DamC82

Frequent Poster
Messages
155
Ok , however I can somewhat understand that Feb 08 may be beyond a cut off.. it shouldn't be but maybe they are chancing their arm..
However I'm scratching my head regarding the February 2007 case mentioned above
 

shnethb

Registered User
Messages
28
Drew down Feb 2008 on a fixed rate for 3 years then of to variable thereafter thought I might have made the 650 cohort in scope then told no impact this week?
Hi doyler1, Im in a similar position to you, drew down in Feb 08 fixed for 3 years and again fixed after that. I received the impacted letter 2 weeks ago and nothing since. Did you initially receive the impacted letter and now the un-impacted letter?
 

DamC82

Frequent Poster
Messages
155
It’s so difficult for people to figure out the criteria being applied. I think that’s why this board is so popular ....other than that people have nothing to compare to !
Have you read the wording of mortgage contract if you’ve got it ... I’m wondering is there a variation in language within the same time period... so even though you’ve same draw down date / fixed rate ... it’s within the contract wording that there’s a difference....
I would have agreed in the past. However kbc announced a cohort pre Christmas that should be cut and dry included.. fixed between Nov 06 and Feb 08, will be offered a tracker ..
 

doyler1

Frequent Poster
Messages
48
Yes I thought it might be the wording Rakitom on the forum for the green light today and I compared my contract condition s to his and they are identical also we both signed on the 29th of Feb! I asked for a reason today and they said they would send me one in the post
 

doyler1

Frequent Poster
Messages
48
One of the girls on the tracker team said it might have something to do with LTV or amount but couldn't give me a definite reason
 

..MC..

Registered User
Messages
41
Well I wish you luck with your own investigation or else hope their letter explains something ...
 

doyler1

Frequent Poster
Messages
48
Hi Shnethb, sorry only seeing your reply now, no didn't receive the letter but told early January on the phone that we were definitely impacted and letter would be out in January never received the letter and rang them this week to be told not impacted! What does your special conditions say on last pages if contract, mine says says something like when the fixed rate is up the loan will then go to the homeloans variable rate? House was 385k and we drew down 285k as we put 100k off so wonder if this has something to do with not impacted?
 

shnethb

Registered User
Messages
28
Hi Shnethb, sorry only seeing your reply now, no didn't receive the letter but told early January on the phone that we were definitely impacted and letter would be out in January never received the letter and rang them this week to be told not impacted! What does your special conditions say on last pages if contract, mine says says something like when the fixed rate is up the loan will then go to the homeloans variable rate? House was 385k and we drew down 285k as we put 100k off so wonder if this has something to do with not impacted?
We drew down on Feb 20th 2008. We were like Leo.....100% mortgage. our special conditions say " The rate of interest applicable to this loan will be fixed for 36 months from date of draw down. the interest rate and fixed rate term specified may vary on or before the date of draw down of the mortgage and in such event, the prevailing fixed rate and fixed rate term at the date of draw down will be notified to the applicants solicitor.....then it goes onto break funding fees.......
This is the part which I think is the reason we are impacted "At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender.............

We received the letter on the 5th stating we are included and impacted and now we wait.........
 

doyler1

Frequent Poster
Messages
48
We drew down on Feb 20th 2008. We were like Leo.....100% mortgage. our special conditions say " The rate of interest applicable to this loan will be fixed for 36 months from date of draw down. the interest rate and fixed rate term specified may vary on or before the date of draw down of the mortgage and in such event, the prevailing fixed rate and fixed rate term at the date of draw down will be notified to the applicants solicitor.....then it goes onto break funding fees.......
This is the part which I think is the reason we are impacted "At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender.............

We received the letter on the 5th stating we are included and impacted and now we wait.........
Just checked my contract exactly the same wording as yours , unless it's because we weren't 100% loan I'm not sure ? They said they will let me know by post the reason, I will let the forum know when I get word but I'm delighted your impacted and hope you get redress and a tracker thanks for info and reply!
 

shnethb

Registered User
Messages
28
Just checked my contract exactly the same wording as yours , unless it's because we weren't 100% loan I'm not sure ? They said they will let me know by post the reason, I will let the forum know when I get word but I'm delighted your impacted and hope you get redress and a tracker thanks for info and reply!

To be honest Im expecting to receive a letter saying there was a mistake and we are not included!!
 

joe351980

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Messages
94
''' the interest rate and fixed rate term specified may vary on or before the date of draw down of the mortgage and in such event, the prevailing fixed rate and fixed rate term at the date of draw down will be notified to the applicants solicitor.....then it goes onto break funding fees............[/QUOTE]


Hi Shnethb. Does your contract state that the rate may change prior to draw down, and if so your solicitor will be contacted. Would this not indicate that the rate can't change after date of drawdown.
 

shnethb

Registered User
Messages
28
''' the interest rate and fixed rate term specified may vary on or before the date of draw down of the mortgage and in such event, the prevailing fixed rate and fixed rate term at the date of draw down will be notified to the applicants solicitor.....then it goes onto break funding fees............

Hi Shnethb. Does your contract state that the rate may change prior to draw down, and if so your solicitor will be contacted. Would this not indicate that the rate can't change after date of drawdown.[/QUOTE]

Yes. It dose say that but what dose that mean?
 

joe351980

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Messages
94
Saying they will contact your solicitor regarding any changes prior to drawdown would imply that rates, wether 'prevailing' or not are set at time of drawdown.

Prevailing means current or existing at a particular time. If prevailing was set at date of drawdown, it is both current and existing throughout mortage term





Hi Shnethb. Does your contract state that the rate may change prior to draw down, and if so your solicitor will be contacted. Would this not indicate that the rate can't change after date of drawdown.
Yes. It dose say that but what dose that mean?[/QUOTE]
 

peemac

Frequent Poster
Messages
641
One of the girls on the tracker team said it might have something to do with LTV or amount but couldn't give me a definite reason
Knowing someone that is working on the AIB trackers - they are probably not regular employees of the bank and are just contractors. They will be following a strict script and I feel they are really there just to placate callers especially if no positive info is on the file.
Certainly in your case it looks like an oversight as it fits perfectly into the cohorts publicised by KBC themselves.

This is the part which I think is the reason we are impacted "At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender.............
There could be something in that as there is no such specific rate as "Home Loans Renewal Rate" and in absence of any definition, the rate applied should be the one that favours the customer.

Hi Shnethb. Does your contract state that the rate may change prior to draw down, and if so your solicitor will be contacted. Would this not indicate that the rate can't change after date of drawdown.
This is fairly standard in all mortgage offers (I've had 5 mortgages over the years) - Rates can change up and down in the period between contracts being signed and drawdown. This would be specifically about the starting rate of the mortgage. e.g. If you agreed a 4.99% fixed and then a day before drawdown the fixed rate dropped .5%, you'd be able to take the lower rate. But if you drew down and the fixed rate jumped .5% the day after, you would still be on the lower rate as you an't retrospectively change an agreed fixed rate without an agreed and signed document.

However the rate at the end of the fixed period is always stated as a "variable" rate and as such, no matter what the variable rate was at the start of the fixed rate, the fact that it is "variable" means it can change up and down at any time - only if it states clearly HOW it can change (such as % above refi rate) is there a specific formula that must be adhered to.
 

doyler1

Frequent Poster
Messages
48
Hi Peemac thanks for the reply yes i can't understand it must be an oversight so hopefully I will get an update this week, but I think your right it's something to do with the wording on contracts and they are using this as a get out
 

peemac

Frequent Poster
Messages
641
There seem to be two variations of wording on the "Broker Nov 2006 - Feb 2008" cohort for what rate the fixed rate will roll over to

Version 1
"when the fixed rate is up the loan will then go to the homeloans variable rate"

Version 2
"At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender......"

From a small sample here, it seems that two people with version 1 have been told they are not impacted and two people from version 2 have been told they are impacted.

All other parts seem to be identical.

That is blatantly unfair - so KBC may have to revise their figures again.

So much for the "Bank of You" statement
 

grock1982

Frequent Poster
Messages
63
There seem to be two variations of wording on the "Broker Nov 2006 - Feb 2008" cohort for what rate the fixed rate will roll over to

Version 1
"when the fixed rate is up the loan will then go to the homeloans variable rate"

Version 2
"At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender......"

From a small sample here, it seems that two people with version 1 have been told they are not impacted and two people from version 2 have been told they are impacted.

All other parts seem to be identical.

That is blatantly unfair - so KBC may have to revise their figures again.

So much for the "Bank of You" statement
I have the version 2 in my documents, I am outside the time frame Nov - Feb cohort, drew down June 08. My account is still under review at this point!!
 

Lightening

Frequent Poster
Messages
319
There seem to be two variations of wording on the "Broker Nov 2006 - Feb 2008" cohort for what rate the fixed rate will roll over to

Version 1
"when the fixed rate is up the loan will then go to the homeloans variable rate"

Version 2
"At the expiry of the foxed rate period your loan will revert to IIB Home loans renewal rate. The IIB renewal rate is a variable rate and may be varied by the lender......"

From a small sample here, it seems that two people with version 1 have been told they are not impacted and two people from version 2 have been told they are impacted.

All other parts seem to be identical.

That is blatantly unfair - so KBC may have to revise their figures again.

So much for the "Bank of You" statement
I am not sure if this information is correct!. I think KBC needs to explain the cohorts
 

peemac

Frequent Poster
Messages
641
I have the version 2 in my documents, I am outside the time frame Nov - Feb cohort, drew down June 08. My account is still under review at this point!!
The Press release says those who "applied" before end feb 2008. Thereafter they say flyer communication had expired and brokers were told of new rate and that trackers were gone.

I am not sure if this information is correct!. I think KBC needs to explain the cohorts
They certainly do - I can't see how just 650 fixed rate mortgages were applied for in that period - market was still full of steam until mid 2007 and taking a fixed rate was the mantra of the "experts".
 
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