KBC told brokers" all fixed rate loans will roll onto trackers on expiry"

Discussion in 'Issues with tracker mortgages' started by PadKiss, May 12, 2016.

  1. Sarenco

    Sarenco Frequent Poster

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    I gather any mortgage borrower that had a tracker at one point and subsequently fixed is included in the review.

    I wouldn't give up all hope just yet if I was you.

    The purpose of the review is to identify any customers who may have been impacted by:
    • a lender’s failure to honour a customer’s contractual entitlements; or
    • its failure to comply with the regulatory requirements regarding disclosure and transparency of information.
    Even if you don't have a contractual right to revert to a tracker, it is possible that the Central Bank will find that KBC failed to comply with the relevant disclosure requirements and could order KBC to reinstate your tracker and/or offer you some other form of compensation. The fact that you fixed in May 2008 may be relevant in this regard.
     
  2. grock1982

    grock1982 New Member

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    Thanks Sarenco but what's of interest is that I never had a tracker. I started with a 5 year fixed in 2008 and now I'm part of the review. That's why I was questioning the rollover to variable / tracker earlier. Obviously there must be something there, what I do not know!
     
  3. Wardy7

    Wardy7 Frequent Poster

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    Grock1982, I didn't start with one either.....but I have it now!!
     
  4. mister32

    mister32 Frequent Poster

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    Crossed wires

    The point I'm making is if a contract uses the words variable rate that can still refer to a tracker.

    On the other hand if a contract says Standard Variable Rate then it's not tracker
     
  5. grock1982

    grock1982 New Member

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    There might be hope then, but like your case it will all depend on the rate that will be offered.
     
    Wardy7 likes this.
  6. grock1982

    grock1982 New Member

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    That seems to be the case in my situation. Not unless that flyer has something to do with it.
     
  7. Sarenco

    Sarenco Frequent Poster

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    A tracker is a type of variable rate mortgage (in the sense that it's not a fixed rate mortgage).

    However, where the rate "may be varied by the lender from time to time in line with general market conditions" - that clearly is not a tracker.

    Most lenders now offer variable rate mortgages at rates other than their SVRs that are not trackers (e.g. LTV based products, discount variable rates, loyalty bonus rates, etc.).
     
  8. Sarenco

    Sarenco Frequent Poster

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    Did the terms of your fixed term contract specify that you would be entitled to roll onto (or elect to roll onto) a tracker rate at the end of your fixed term?
     
  9. Mauritius

    Mauritius Registered User

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    Has anyone received a written reply yet from KBC? The deadline date they set themselves was 30th September. Have they failed to honour that deadline and also not notified customers in the review that they are extending the deadline date?
     
  10. Wardy7

    Wardy7 Frequent Poster

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    Mine did yes.
     
  11. TheBarrall

    TheBarrall New Member

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    Hi Wardy,

    Just seeing are you with KBC and were you put on the tracker as a result of the inquiry or beforehand, as if you have been recently you could be the only one notified so far on here, thanks
     
  12. Wardy7

    Wardy7 Frequent Poster

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    No, sorry if I led you to that assumption!

    I'm with PTSB.
     
  13. grock1982

    grock1982 New Member

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    No, the only contractual information that I have is what I have already posted and that states that I roll onto the prevailing variable rate. Yet my mortgage is part of the review???
     
  14. DamC82

    DamC82 Frequent Poster

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    Were you offered a tracker in your original loan offer? We were but decided to fix instead, and KBC informed me that because we had an offer with a tracker on it , even though we didnt accept (unfortunately!!) , is the reason why we are including in the review.

    Now I dont believe we have a hope in hell of getting anything of this, Id be absolutley amazed if we did having inspected our paperwork...
     
  15. grock1982

    grock1982 New Member

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    We could have availed of a tracker but we fixed instead for 5 years. Before our first cheque arrived our solicitor received a rate change letter from iib, stating that our fixed had increased. Inadvertently iib called our fixed rate a tracker rate on this rate change notification letter. Maybe this might be the reason we are part of the review. Then again this letter wasn't a contract, so I just don't know
     
  16. PJDCol

    PJDCol Frequent Poster

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    I was also advised that I am part the review and I contacted KBC on Monday to ask why they didn't reach their deadline at the end of Sept. Fairly simple question I would have thought. So I rang the helpline dedicated to the Central Bank review and it rang out on number of occasions (same today). I than rang the regular customer service team who aren't allow advice on it, are not part of it and said they would pass on my message for them to contact me. Of course no contact for the whole week. So that's where we are at - nowhere.
     
  17. Leighlinboy

    Leighlinboy Frequent Poster

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    Yes i had been mailing a KBC rep on a boards.ie forum, always got good prompt responses seemed to have slowed up in last few days . Really love to know when the first kbc customer is contacted ...7th of october now !!
     
  18. Sligolive

    Sligolive Registered User

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    Same for me....KBC were to give me an update this week by phone but it never happened.
     
  19. DamC82

    DamC82 Frequent Poster

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    Sounds familiar, I have been in touch with them on a consitant basis since the early part of this year by email etc.

    I always get a response within two days... until this week, nitto..

    The go-to answer before this was wait until end of September for word, that has come and gone now and its shut-down

    Dont cod yourselves this crowd are a law onto themselves, Id be amazed if there are many sucess stories from this review
     
  20. PJDCol

    PJDCol Frequent Poster

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