Will there be any obligation for BOI to provide the 0.2% discount?Well they pay brokers 1% for getting them business at market rates.
They will be paying 103.6% for tracker mortgages yielding a lot less.
And they will be buying fixed rate mortgages which are fixed at rates much lower than BoI charges.
And I would guess that KBC customers are more mobile - more likely to move on when the fixed rate ends.
Brendan
Your terms and conditions remain unchanged.
If KBC makes it impossible for you to keep your terms and conditions because they no longer offer you a current account, they will not be able to withdraw the discount.
Brendan
Do you think those getting the 0.2% discount should continue on with their KBC current account as normal, on the assumption that being forced to move (eventually) will mean they get to keep the 0.2% discount when the loans move to BOI?The KBC and BoI deal is much further advanced that Ulster Bank and permanent tsb.
So, yes KBC customers should open a new current account.
If you are getting the 0.2% discount on your mortgage from KBC you should keep your KBC account open.
Brendan
Do you mean keep your KBC current account but also set up a new one with BOI or AIB?Very good point. Keep your KBC account until it is transferred.
Brendan
1) You will need a new current account as KBC ones will be closed
2) You should open it with Bank of Ireland as that might be a condition of retaining the 0.2% discount
You should probably put your numbers up in a separate thread to get a second opinion on your strategy re the break fee.
Brendan
I never closed my BOI current account when I switched to KBC a year ago, due to hassle and time taken to switching direct debits in lockdown; then there was the announcement of BOi buying out KBC !!! , I had to laugh.... so I just left it. Hoping that if there's a requirement to open a BOI account to retain the 0.2% discount that I won't be penalised for already having an account, but wouldn't hold my breath knowing all the banks previous performance..........
I thought I was benefitting from the 0.2% but can't find mention of it in my mortgage contract or related documents.I heard on the radio that Brendan was making a submission on the KBC to BOI sale. Was this .2% discount brought up as part of this?
Does anyone know what the KBC mortgage contract says in regards to the current account .2% discount ? Is it in the contract that as long as you have a current account you get the discount or is it not? This is the only thing BOI will look at.
I heard on the radio that Brendan was making a submission on the KBC to BOI sale. Was this .2% discount brought up as part of this?
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