As said multiple times by many. Flyer was sent to their "Broker Network". It was not in the public domain. Brokers wrote new business, they did not manage mortgages.
As said multiple times by many. Flyer was sent to their "Broker Network". It was not in the public domain. Brokers wrote new business, they did not manage mortgages.On the famous flyer It says that.....
All fixed rate will now roll onto tracker rates of 1.25 or 1.4.
It does not say all new fixed rates for that they offer a better rate at roll off of 0.9.
So don't know how they are getting away with there new interpretation of the flyer now.
Johen32
I came off a one year fixed rate in July 2006 on to lenders prevailing variable, With a rate In August 2006 of 4.34 and September, The ECB rate was 3,00 for this time.
In October my rate changed to 4.59 when the ECB rate changed to 3.25.
This rate change was in response to the ECB increase on the 3rd of August as said by a letter I received on the 11 of September 2006.
As said multiple times by many. Flyer was sent to their "Broker Network". It was not in the public domain. Brokers wrote new business, they did not manage mortgages.
I think that's clutching at straws. You'd have to show that the broker for some reason thought this applied to every mortage they had and not to new business that such communication would normally be about.@peemac
I would disagree with you on this my broker as were many, apart of financial advisors networks and we asked them to advice on rate changes.
Most banks increased / decreased variable rates mortgages in line with increases/decreases of ECB and previously the increases/decreases of the Central Bank of Ireland. That was always the norm and usually announced within a week of the rate change. Only in the last few years have they rolled the excuse of "cost of funds" in not decreasing standard variable rates in line with ecb.@peemac what do you make of this case
Mortgage up to 150,000 = 1.4%So somebody who took out a new mortgage in Feb 2007, who is deemed impacted as per the December statement, what should the rate be after this is all sorted out, 1.25/1.4 or .9?
It's not when the fixed rate expires counts its when you drew down. If only trackers available at drawdown the "lenders prevailing variable rate" is the tracker as per Bernard Byrnes quote.
Hello all im brand new to this.
I received the letter last week "im in the scope and impacted......" Never taught I would be!!!
Here's my story. Drew down mortgage with IIB in 05 and fixed for 2 years. Then received letters advising me to fix again, so I did. Never offered or had a tracker.
Although I have found the wording in my contract "at the expiry of the fixed rate period the lenders prevailing variable rate will apply"
I dunno what cohort im in?????
Wonder, i agree with you and dont think its clutching at straws, the flyer may have gone to brokers and it does not say new mortgages for the 1.25/1.4% but it clearly states new mortgages only for the 0.9%, also once the mortgage is drawn down the dealings would be with IIB/KBC and not the broker, so was it information for the broker to pass on to the customer or was it actually their standard policy? at the very least its ambiguous [now theres a surprise].
I see online people have said the CB have sided with the banks on the prevailing rate but I cant find whats been agreed or said, anyone any update? Thanks
Most banks increased / decreased variable rates mortgages in line with increases/decreases of ECB and previously the increases/decreases of the Central Bank of Ireland. That was always the norm and usually announced within a week of the rate change. Only in the last few years have they rolled the excuse of "cost of funds" in not decreasing standard variable rates in line with ecb.
October 06, so im none the wiser how im deemed in the scope and impacted!!!
Well that changes things alright ! How do we know what the lenders prevailing variable rate was in Summer 2006 ? I have seen a few mortgage contracts that fixed from draw down in Summer 2006, for 3 years, and were then to revert to the lenders prevailing variable rate. No of the three people have received any letter from KBC to date saying they are impacted..