I wouldn't expect a person at the end of a phone line would give out any pertinent information regarding this issue.Contacted KBC today, told that this 'review' will be concluded in 'due course', not @ September 30 as first indicated.
This crowd seem to be treating the Central Bank with contempt, and no regulation is applicable to them
I got a 5 year fixed rate from kbc in may 2008. In the contract it states that upon expiry I will switch to the prevailing variable rate. There was no mention of a svr.
Could the prevailing variable rate be considered a tracker, considering the flyer and the rollover promise to a tracker?
It was iib homeloans that advertised the flyer in 2006 and we got our mortgage from iib in 2008, do I have a case?
My mortgage has been considered as part of the mortgage review with kbc, I wonder have I any hope of tracker?
How does this wording sound to people in the context of everything being discussed on this forum?
A tracker is a variable rate in the sense that it varies according to the ECB rate and not the bank. It will always be stated in mortgage contracts as a "Tracker Rate".
A "Variable Rate" is variable by the bank.
They are not the same thing.
Thanks for that, I wonder why they bothered to include me in the review at all then.Looks pretty clear-cut to me that you had no contractual right to roll-over to a tracker at the end of your fixed term.
A tracker rate cannot be "varied by the lender from time to time in line with general market conditions" - it can only be varied when the underlying reference rate changes.
I think you are describing the Standard Variable Rate.
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