Hello.
I received my redress from KBC this week, and i have a query relating to the split.
(figures approximated)
Mortgage €350,000
of which €200,000 eligible for tracker and €150,000 on standard variable
Split 50:50 in 2014 - so €175,000 warehoused and €175,000 on repayment
KBC advise that when they split the mortgage they warehoused the largest 'deal product' first
ie they warehoused €175,000 of €200,000 tracker.
So post-tracker redress on the repayment mortgage I have only €25,000 of tracker and €150,000 on SVR (seperately I fixed for 5 yrs a couple of years ago and it appears that KBC have dropped the 5yr fixed and put Deal product 2 onto SVR as part of redress?)
Now none of this has been transparently provided by KBC and it is only on challenging their numbers have I been able to make sense of the maths post-redress.
This inequitable split impacts the redress calculation (since 2014) along with the current position.
I would have anticipated, on the basis of fairness, that the split should have been between both deal products and i should have c.€100k of tracker across both the repayment and warehoused parts of the mortgage.
I would appreciate any thoughts and comments on what KBC have done here as I believe that this is worthy of a strong challenge via the Appeal process?
I received my redress from KBC this week, and i have a query relating to the split.
(figures approximated)
Mortgage €350,000
of which €200,000 eligible for tracker and €150,000 on standard variable
Split 50:50 in 2014 - so €175,000 warehoused and €175,000 on repayment
KBC advise that when they split the mortgage they warehoused the largest 'deal product' first
ie they warehoused €175,000 of €200,000 tracker.
So post-tracker redress on the repayment mortgage I have only €25,000 of tracker and €150,000 on SVR (seperately I fixed for 5 yrs a couple of years ago and it appears that KBC have dropped the 5yr fixed and put Deal product 2 onto SVR as part of redress?)
Now none of this has been transparently provided by KBC and it is only on challenging their numbers have I been able to make sense of the maths post-redress.
This inequitable split impacts the redress calculation (since 2014) along with the current position.
I would have anticipated, on the basis of fairness, that the split should have been between both deal products and i should have c.€100k of tracker across both the repayment and warehoused parts of the mortgage.
I would appreciate any thoughts and comments on what KBC have done here as I believe that this is worthy of a strong challenge via the Appeal process?