The problem is that IIB never defined clearly what the prevailing variable rate was. In the Handbook that was published in May 07, The prevailing variable rate was never mentioned once or defined like all the other rates that were available to the customer. Every other rate opinion was clearly defined.how these rates were defined in contracts would give a fuller picture. Suspect the definitions were far from clear
Hi Daisy Duke as I understand it the flyer applied to new business only which would explain why the top ups are deemed not impacted. However have a good look at your contracts and the special conditions and also get Padraic Kissane to have a look. He is the world expert in this stuff and will give you an independent expert view on whether you he feels you have a case or not.What are people’s thoughts on how KBC handled Top Up’s during the flyer period?. My main mortgage was drawn down in Dec 06 and deemed not impacted as my application date was prior to Nov 06 and the release of the flyer. I drew down on 3 yr fixed to roll off to “lenders prevailing rate”. I took out a Top Up in Sept 07, this too has been deemed not impacted and KBC will not give me a definitive answer as to why. Contracts for both my main mortgage and Top Up are identical in that they roll off to prevailing rate. In my mind the Top Up should have given me the option of a tracker as this was clearly in scope of the flyer dates. Any thoughts?
This strengthens the case for the "prevailing variable rate" cohort imo. No ambiguity when svr is specified! Considerable ambiguity when the "prevailing variable rate" is specified , and even more so taken in the context of the Framework document and the Consumer Protection Code. Frankly, all things considered, I'm struggling to see how anyone can argue that the "prevailing variable rate" cohort shouldn't have been offered a tracker rate after coming off a fixed rate !Hi Peemac,
The the term SVR is on our letter, for a buy to let.
Hi there,Just remembered that the Irish times published mortgage interest rates every week in their property supplement right through the early to late 2000's
If you have a subscription you'll be able to access the archive.