KBC split/ warehouse mortgage recently got moved to BOI. Can they change orginal agreement?

M

Mary.J

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Hi Brendan
Can you please advise, KBC warehoused half our outstanding mortgage about 7 years ago. €150k is in the warehouse. We seem to be on variable rate. Its 4.25% and 0% interest on the warehouse portion. ..My Question is ..Can BOI change this agreement or increases our payments??
I know this change over is very new. I am hoping we can continue to pay the active part with little or no changes in the monthly amount. Suits tight family budget. No wiggle room here to over pay and clear the active part faster.
We plan to move over the warehoused part after the active part is paid. Expect we will have to sell the house to do this. Aprox 15 years left on mortgage. I have not contacted BOI yet S tonsee if my agreement qull stay thw same. Just wondering has anyone any recent experience with warehouse mortgage change over situation with BOI. TIA
 
Last edited:
Mary.J said:
KBC warehoused half our outstanding mortgage about 7 years ago. €300k was split in half.
...
So basically atm €150k is active and €150k is in the warehouse.
Click to expand...
Surely the active part has less than €150k outstanding after 7+ years of repayments?
 
Yes correct but not much. Aprox 2-3k per year is going off the loan the rest is interest
 
Your agreement remains the same - Bank of Ireland cannot vary it.

However...

Your agreement allows for KBC to review the split from time to time and at least, every three years. So it's quite likely that Bank of Ireland will ask you to submit some financial information at some stage to see if you can pay more.

Likewise, if your finances are really stretched talk to BoI about revising the arrangement.

Brendan
 
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