KBC tracker mortgage query!!!

moonegirl77

Anybody know when KBC introduced/offered tracker mortgages in Ireland?? I was never offered one and I believe they began offering them in 2003, I took out my mortgage around then but was never offered the option of a tracker. Just wondering if anyone has any advice or dealings with KBC on this issue.

Thanks in advance
(New to Boards)

rameire

they didnt have to offer you a tracker at the start of the mortgage.

moonegirl77

Thanks rameire, but should I have been given the option at some stage, all I was ever offered were fixed rates options.....

rameire

not necessarily, all customers are different and different rates apply to different customers.
if you did not have a tracker at the start, its very unlikely that they would offer you a tracker at the end of a rate period.

roro2

What's the issue? Why will you be dealing with KBC? If you are looking to be retrospectively put on a Tracker rate for the past 9 years, or to be offered a Tracker rate now, don't waste your time or effort. There is 0% chance of anything happening.

daz76

@roro2 do you happen to work for KBC by any chance, @moonegirl77 was just asking a question

BuffyBot

Why do you believe you should have been offered one?

killers1

moonegirl77 wrote: »

Anybody know when KBC introduced/offered tracker mortgages in Ireland?? I was never offered one and I believe they began offering them in 2003, I took out my mortgage around then but was never offered the option of a tracker. Just wondering if anyone has any advice or dealings with KBC on this issue.

Thanks in advance
(New to Boards)

Were you forced to take a 5 yr fixed rate initially? In those days rather than stress test at a certain % above their variable rate banks would stress test applications at the 5 yr fixed rate which was generally lower. This allowed borrowers qualify for a higher loan amount V the variable stress test rate and was used on marginal cases. If you were borrowing at your max capability it's possible that the bank were only willing to lend the amount you required providing you took a 5 yr fixed rate. Ulster bank & first active used to apply this criteria too. This would explain why you were only offered a fixed rate. If you qualified easily for the amount you needed then you would have been offered any rate from their suite of products available at the time which certainly would have included a variable rate option and most likely a tracker rate. Check with KBC and they should be able to clarify for you...

moonegirl77

Thanks for that Killers1. No we weren't forced to take a 5 year fixed rate at the outset. From looking at the documentation we received there's no mention anywhere of a tracker option ever being available to us. If it transpires that they were not offered to all customers across the board, then what is the basis of selection for those who were offered tracker? I have queried this with KBC but so far they haven't been able to explain why, which makes me think that we should have at least been offered the tracker...

killers1

moonegirl77 wrote: »

Thanks for that Killers1. No we weren't forced to take a 5 year fixed rate at the outset. From looking at the documentation we received there's no mention anywhere of a tracker option ever being available to us. If it transpires that they were not offered to all customers across the board, then what is the basis of selection for those who were offered tracker? I have queried this with KBC but so far they haven't been able to explain why, which makes me think that we should have at least been offered the tracker...

If you borrowed through Kbc it must have been arranged via a broker. Have you tried asking them to explain the products they offered you?

moonegirl77

Not yet but this could be our next step...