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KBC Bank Mortgage Query

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  • 25-06-2010 9:54am
    #1
    bamboozle
    Registered Users Posts: 3,699 ✭✭✭


    Hi,
    recently received a letter from my bank re our mortgage that the 2 year fixed we had has elapsed and they were placing our mortgage on a tracker mortgage,

    so basically our fixed rate was 4.65% or thereabouts
    and new tracker rate is 1.95%
    so we're saving a substantial amount, to me this seems to good to be true as i thought tracker mortgages were no longer being offered by banks.

    any experts out there know if this is correct cause usually if i think its too good to be true it generally is...


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Are you sure you were moved to a Tracker and not variable?

    Thats a great deal, currently on a 1.9% tracker (ie ECB +.9%), but i got that 5 years ago from them!


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    #3
    rainbowtrout
    Registered Users Posts: 15,382 ✭✭✭✭rainbowtrout


    Maybe the terms of your mortgage stated that when the fixed term expired that you would be automatically put on a tracker. Don't look a gift horse in the mouth, especially when you have it in writing from them!


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    #4
    lubo_moravcik
    Registered Users Posts: 1,623 ✭✭✭lubo_moravcik


    i've been on a three year fixed term and 5.45% from the same bank. i contacted them recently to ask what rate i'd be going onto when the term was over and they said it would be a tracker at 1.5% over ecb. like yourself i found it hard to believe but will be grabbing it with both hands. the savings here could be 300-400 per month


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    #5
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    thats great if linked to ecb like that. good news for once


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    #6
    lubo_moravcik
    Registered Users Posts: 1,623 ✭✭✭lubo_moravcik


    lubo_moravcik wrote: »
    i've been on a three year fixed term and 5.45% from the same bank. i contacted them recently to ask what rate i'd be going onto when the term was over and they said it would be a tracker at 1.5% over ecb. like yourself i found it hard to believe but will be grabbing it with both hands. the savings here could be 300-400 per month
    sorry, make that 1.25%. I called during the week and asked for it in writing, was told it will be sent out to me on paper after my final current payment is made.

    happy days, just now it's a monthly saving of €350


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    #7
    mickoneill30
    Banned (with Prison Access) Posts: 3,073 ✭✭✭mickoneill30


    lubo_moravcik wrote: »
    sorry, make that 1.25%. I called during the week and asked for it in writing, was told it will be sent out to me on paper after my final current payment is made.

    happy days, just now it's a monthly saving of €350

    That's a nice result.

    In your original mortgage agreement did it say it would go back to a tracker. I'm asking because I'm with KBC. Another year to go on fixed but there's no mention of it going back to tracker. Probably doesn't matter anyway. With my luck interest rates will have gone up close to my fixed rate anyway by the time I'm due to come off fixed.:D


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    #8
    lubo_moravcik
    Registered Users Posts: 1,623 ✭✭✭lubo_moravcik


    mickoneill30 wrote: »
    That's a nice result.

    In your original mortgage agreement did it say it would go back to a tracker. I'm asking because I'm with KBC. Another year to go on fixed but there's no mention of it going back to tracker. Probably doesn't matter anyway. With my luck interest rates will have gone up close to my fixed rate anyway by the time I'm due to come off fixed.:D
    To be honest Mick I don't know. I genuinely can't remember what was agreed to when I signed up for the 3 year fixed term, it was only when I rang and queried what would happen in October when the term was up was I told I'd be going onto the tracker.


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    #9
    mcgoo2007
    Closed Accounts Posts: 8 ✭mcgoo2007


    Hi,

    I am also with KBC and got a letter on Oct 2009 saying that our 2 year fixed term was up (5.26%) and we were now on 2.25%.

    This letter makes no reference to whether this is a variable or tracker rate but our original offer letter stated we would move to a variable rate once the fixed rate term was up.

    But their current variable rate is 3.6%, and from what previous posts were saying my 2.25% would equal the tracker rate of 1.25% on top of the ECB rate of 1%.

    Could they have moved us to a tracker without telling us? If it’s a mistake could they look for back payments? I haven’t contacted the bank in case it’s a mistake on their part (I should be so lucky…)

    Thanks

    Ciaran


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    #10
    Dead Kennedys
    Registered Users Posts: 87 ✭✭Dead Kennedys


    lubo_moravcik wrote: »
    sorry, make that 1.25%. I called during the week and asked for it in writing, was told it will be sent out to me on paper after my final current payment is made.

    happy days, just now it's a monthly saving of €350

    hi Lubo,

    I'm in exactly the same boat as you, I was on a 3 year fixed with KBC and came off that in Sep. Im now on the tracker rate, which is great. I called them to ask for this change in writing and like you I was told I would receive written notification after my last fixed payment. I never got this letter, just woundering if you got yours?

    Cheers.


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