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.
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?
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 ..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....
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.........
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!
''' 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.
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
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.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.............
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.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.
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!!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
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
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 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!!
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".I am not sure if this information is correct!. I think KBC needs to explain the cohorts
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