Brendan Burgess
Founder
- Messages
- 52,266
Here is the main part of the CCPC decision - the full decision is here [broken link removed]
Transferred Mortgages
2.1 KBCI Fixed Rate
2.1.1 BOI undertakes that, for any Transferred Mortgage, it shall honour any Fixed Rate
agreed between KBCI and its customers for the remainder of the agreed Fixed Rate term
which is in place at the Completion Date.
2.2 KBCI Current Account Discount
2.2.1 BOI undertakes that, for any Transferred Mortgage, it shall ensure that every
Transferred Mortgage Customer who benefits from a 20 BPS ‘current account discount’
on the interest rate applicable to that Transferred Mortgage on the Completion Date
shall continue to receive that discount for so long as the Transferred Mortgage
Customer holds the Transferred Mortgage with BOI.
2.2.2 BOI undertakes that any such discount referred to in clause 2.2.1 shall not be conditional
on the Transferred Mortgage Customer purchasing or consuming any products or
services from BOI other than the Transferred Mortgage and in particular shall not be
conditional on an obligation to open a BOI current account.
2.3 KBCI SVR
2.3.1 BOI shall, from the Completion Date, make available a set of Transferred Mortgage SVRs
to Transferred Mortgage Customers on the date of their first expiry and roll-off from a
Fixed Rate that was agreed with KBCI before the Completion Date, which are
independent of any BOI SVR.
2.3.2 BOI undertakes that this set of Transferred Mortgage SVRs referred to in clause 2.3.1
above shall be the same interest rates, from the Completion Date, to the set of KBCI
SVRs advertised by KBCI at or most recently prior to the Completion Date.
2.3.3 For the avoidance of doubt, the Transferred Mortgage SVRs are variable rates which
may change from time to time. […] [BB comment: in other words BoI can charge what they like]
2.3.4 BOI shall, from the Completion Date, offer the relevant Transferred Mortgage SVR to a
Transferred Mortgage Customer on the first expiry and roll-off from a Fixed Rate that
was agreed with KBCI before the Completion Date, in addition to any interest rates
offered by BOI to all BOI customers.
2.3.5 The relevant Transferred Mortgage SVR offered to a Transferred Mortgage customer
shall be determined on the basis of the relevant loan-to-value range and other SVR
cohort identifiers used by BOI (e.g., BTL) applicable to that customer on the date of the
first expiry and roll-off from the Fixed Rate agreed with KBCI before the Completion
Date.
2.4 Communication to Transferred Mortgage Customers
2.4.1 BOI shall send a letter to all Transferred Mortgage Customers notifying them of the
proposals described in 2.1 to 2.3 above by two weeks after the Completion Date at the
latest.
Transferred Mortgages
2.1 KBCI Fixed Rate
2.1.1 BOI undertakes that, for any Transferred Mortgage, it shall honour any Fixed Rate
agreed between KBCI and its customers for the remainder of the agreed Fixed Rate term
which is in place at the Completion Date.
2.2 KBCI Current Account Discount
2.2.1 BOI undertakes that, for any Transferred Mortgage, it shall ensure that every
Transferred Mortgage Customer who benefits from a 20 BPS ‘current account discount’
on the interest rate applicable to that Transferred Mortgage on the Completion Date
shall continue to receive that discount for so long as the Transferred Mortgage
Customer holds the Transferred Mortgage with BOI.
2.2.2 BOI undertakes that any such discount referred to in clause 2.2.1 shall not be conditional
on the Transferred Mortgage Customer purchasing or consuming any products or
services from BOI other than the Transferred Mortgage and in particular shall not be
conditional on an obligation to open a BOI current account.
2.3 KBCI SVR
2.3.1 BOI shall, from the Completion Date, make available a set of Transferred Mortgage SVRs
to Transferred Mortgage Customers on the date of their first expiry and roll-off from a
Fixed Rate that was agreed with KBCI before the Completion Date, which are
independent of any BOI SVR.
2.3.2 BOI undertakes that this set of Transferred Mortgage SVRs referred to in clause 2.3.1
above shall be the same interest rates, from the Completion Date, to the set of KBCI
SVRs advertised by KBCI at or most recently prior to the Completion Date.
2.3.3 For the avoidance of doubt, the Transferred Mortgage SVRs are variable rates which
may change from time to time. […] [BB comment: in other words BoI can charge what they like]
2.3.4 BOI shall, from the Completion Date, offer the relevant Transferred Mortgage SVR to a
Transferred Mortgage Customer on the first expiry and roll-off from a Fixed Rate that
was agreed with KBCI before the Completion Date, in addition to any interest rates
offered by BOI to all BOI customers.
2.3.5 The relevant Transferred Mortgage SVR offered to a Transferred Mortgage customer
shall be determined on the basis of the relevant loan-to-value range and other SVR
cohort identifiers used by BOI (e.g., BTL) applicable to that customer on the date of the
first expiry and roll-off from the Fixed Rate agreed with KBCI before the Completion
Date.
2.4 Communication to Transferred Mortgage Customers
2.4.1 BOI shall send a letter to all Transferred Mortgage Customers notifying them of the
proposals described in 2.1 to 2.3 above by two weeks after the Completion Date at the
latest.