KBC Tracker Mortgage

odonovanpm

leighlinboy wrote: »

Could you elaborate on the ECB price promise ? Thks
Yes anxious to hear something re KBC at this stage

The clause in your contract that promises your variable rate will not exceed +1.X% on the ECB rate.

VincePP

Buy today's Sunday business post, read page 4 and 5 of the Money Plus section.

It will give you a great feeling of hope

odonovanpm

VincePP wrote: »

Buy today's Sunday business post, read page 4 and 5 of the Money Plus section.

It will give you a great feeling of hope

VincePP can you take a picture and upload or quote the article.

VincePP

This is the last section, but basically saying that sooner rather than later, all lenders will come to agreement similar to ptsb.

odonovanpm

VincePP wrote: »

This is the last section, but basically saying that sooner rather than later, all lenders will come to agreement similar to ptsb.

Cheers VincePP.

It is definitely going to happen. If KBC decide to play the 'being investigated' line in the hope of going unnoticed as a foreign bank, they are going to face an avalanche of lawsuits with far greater redress demands than what would otherwise be paid. The longer they deny responsibility the angrier I get to be honest.

VincePP

odonovanpm wrote: »

Cheers VincePP.

It is definitely going to happen. If KBC decide to play the 'being investigated' line in the hope of going unnoticed as a foreign bank, they are going to face an avalanche of lawsuits with far greater redress demands than what would otherwise be paid. The longer they deny responsibility the angrier I get to be honest.

Kbc Ireland are not a foreign bank, just their parent company is. And they are a main player in the mortgage market.

Central bank and in particular the new chairman will have no qualms in going for the jugular as he's shown already

As i said, he'd would have been the absolute last person on any banks list for the CB job. And that can only be good for the consumer.

gavin77

Anyone in the same position as me at the moment?
The bank (Kbc) sent me a letter saying they are looking back into my case, they said they will be in touch by September if I am successful to having my tracker reinstated. Previously went down the ombudsman route tracker declined. Wrote to Kbc after the central bank issued statement recently and received letter from Kbc saying they are looking into the matter.

thebarrall

Hi there,

I have the same issue with yourselves, I took a mortgage with KBC in 2005, fixed for 5 yrs in Sept 2006, says just goes back on variable rate (not SVR) I called them the other day, they advised my account is not being looked into for the tracker enquiry there, so the wording on the original forms look like there not being taken into consideration.

gavin77

Hi there, thanks for reply, I'm not very wise about this situation but from what I gather once they didn't tell you you would loose the right to your tracker it should be looked into. As I haven't heard of any one else in this position I'm not sure. I don't think people even know if their case is being looked into as they are only informing successful people. It was only that I contacted them that they told me.

leighlinboy

Very frustrating waiting for any mention of KBC in relation to the review, they were probably the last to admit to being party to the review,so I expect we may have to wait a bit longer.

thebarrall

have you not had any letter at all Leighboy? apparently it says either all contacted by end of Sept or all resolved by that date.

leighlinboy

Hi Thebarall, yes I contacted them to see if I was part of review,received letter back confirming I was and that "it wouldn't be concluded before sept 30th, and they will issue communications in due course that are required as part of review". Do you know of any instances where anyone has been contacted ? they drag their heels with everything it seems, can see movement with other providers, am I right in saying no one has been given their original rate back by any lender , just prevailing rate ......3.6% plus !

thebarrall

I did not receive a letter but aib i think put their customers on that rate apparently but at least they put back 3000 back to the tracker which is at least a start. KBC all quiet still

VincePP

Kbc only took on staff specifically for this about 5/6 weeks ago. All those staff are on 6 month contracts til mid Dec.

A family member is one of them, but he's requested that i don't ask anything due to terms in his contract and I respect that.

I do know he's being handsomely paid!

leighlinboy

Cheers thanks for the info, just had a message back from KBC on a boards.ie forum saying that they have up to sept 30 to identify and will contact affected customers thereafter ... so could well run and run . Its been going on years now , the government did practically nothing to address the variable mortgage gouging, so I cant see KBC handing me back a circa 3.25% drop in my mortgage in any hurry ....

VincePP

leighlinboy wrote: »

Its been going on years now , the government did practically nothing to address the variable mortgage gouging, so I cant see KBC handing me back a circa 3.25% drop in my mortgage in any hurry ....

Very difficult for a government to fix margins for financial institutions - you'd find a few would leave the market and no new entrants would come in and any meddling in bank affairs could see issues within the iFSC.

In a way, through ownership of AIB they have reduced variable rates - problem is many already with banks can't move mortgages for various reasons and are paying dearly for that as the more reasonable rates seem to be just for the newer customers.

gavin77

Just quick update.
Phoned Kbc just to see was there any update with regard to their letter to me some weeks back about the re look into tracker cases. They said they are not looking after it that Deloitte are for them. So phoned Deloitte, they said they are working for the bank and cannot release any information. But said they are over half way through the the procedure.

leighlinboy

In light of them being over 50% complete any ideas on why there is no provision in their recent figures ??

The silence as regards KBC is unreal, apart from the flyers given to brokers in the IIB days there hasn't been any news of significance

Id love to see which providers have restored full trackers at the 1% rate .........and not that 3.6% nonsense that has been reported ............

Vpd

Just wondering if anyone has heard any update from KBC yet re the above ?

gavin77

Phoned Kbc yesterday they said not quite finished the process and that someone will be in touch if we are successful soon.

leighlinboy

gavin77 wrote: »

Phoned Kbc yesterday they said not quite finished the process and that someone will be in touch if we are successful soon.

Cheers for update . Yes some other threads have said similar, trying to agree a process with CB for informing successful mortgages in the review. Hope its not some damp squib like aib and a rate higher than their astronomical existing variable for the ones identified . What are confidence levels like ? If they even matched aibs variable rate it would make a huge diff, never mind another 2% on top of that back to original rates , hope its positive news across the board .

gavin77

Just wondering did anyone hear from Kbc?? I ph. Them today, first ph call wasn't very informative the girl said process is complete but had no information she said the central bank have the information, and hung up on me, so I emailed the central bank who replied and said the basically Kbc is who I should be getting in touch with. So later I ph Kbc back I got someone else on the ph who knew absolutely Nothing about the situation put me on hold and then said oh yes the process is complete and with the central bank. I asked for more information and he said if we were successful the bank would be in touch and asked had we(the bank) been in touch, I said no he said well that's basically your answer. So hung up gutted. Then 2 hours later the second person from Kbc who I was talking to ph me, he said the information that he gave me was incorrect. He said their assessment is complete, that the central bank are in possession of it and it is the central bank who will make the final decision so as it stands it still not over. Had anyone else any information on where we stand...?

leighlinboy

Ive heard nothing and noone on any other forum/thread appear to have either, did you give ur specific name and account so they could see if u were to be actually notified ? If not then they are talking out of their backside and doing more stalling delaying, they never told me i was part of review had to chase them to find out

gavin77

Yes I gave my name account number ect. I think the only reason I was told that I was part of the review was because when I heard this was all being looked into I emailed the central bank asking what I should do. The central bank replied suggesting I get back in touch with Kbc. I wrote them a very brief letter asking for my tracker to be restored. I think it was only because I wrote to them that they replied to me. Otherwise I don't think that they were informing customers that they're being reviewed. I don't think a lot of people even realise their morgages are being reviewed. There is so little said about it. Not that I know a whole lot about this but from what I gathered from my ph calls today I would assume Kbc have their heels dug in and they're still not budging and they're hoping the central bank ok this. All they're saying to me is all assessments are complete and with the central bank and results are decided by central bank. I was surprised they ph. Me back to say the previous ph call he mislead me. But not that it made anything any clearer. And even a mail today from central bank said get back onto Kbc. Both passing back to each other. Central bank also said they will be releasing a statement in time.

leighlinboy

Thats so frustrating :-( they are going to stonewall us and dig their heels in here from what i can see, the lack of any figures of positive outcomes from all providers isnt encouraging in the slightest, despite the predictions of whoesale returns to trackers . theres a thread on Kbc trackers on askaboutmoney.com that might be of interest if ur not already following . Hope we all get the result we want in the end !

gavin77

After several conversations with Kbc and getting no where I emailed the central bank. Their reply was ; the scale and complexity of this examination is very broad and will take considerable length of time to complete. The work will be ongoing through the 2016 and will conclude in 2017. Expecting significant progress to be made by all lenders before the end of 2016 with a further public statement on the examination at the end of July.

leighlinboy

Any update anywhere on kbc ? They are so far behind the rest its unreal.

gavin77

leighlinboy wrote: »

Any update anywhere on kbc ? They are so far behind the rest its unreal.

Hi, I phoned last week and left a msg with kbc got a call back a couple of days later they said they have finished their end and are just waiting on the central back to communicate back to them. I asked them for any information regarding their findings and was told that information cannot be discussed until the central bank correspond with them. So still a frustrating wait. Other banks seem to he moving somewhat forward but Kbc not even really mentioned in the news reports. Any one with any information??

go2canada

Hello
I took out a mortgage with then IIB (KBC) back in 2007
We were refused a tracker mortgage on the grounds that we had remortgaged from our family home to buy another home .
our broker said we could not have two tracker mortgages
I am not a property magnate , I was just a hard working man with dreams.

My Q is, like insurance on cars, life or houses , the insurance company must show you all options that they have and not to hide any in way for them to make a better deal for themselves

is this the same with banks, should I have been offered the 3 options ( fix ,var, trac)and not just the two
thanks

kieran.

leighlinboy wrote: »

In light of them being over 50% complete any ideas on why there is no provision in their recent figures ??

The silence as regards KBC is unreal, apart from the flyers given to brokers in the IIB days there hasn't been any news of significance

Id love to see which providers have restored full trackers at the 1% rate .........and not that 3.6% nonsense that has been reported ............

I got my tracker back from Ulsterbank 2.5 years ago at the ECB rate +1%