KBC exiting Ireland

Sarn

For anyone that requested a break fee letter from KBC, how long did it take for you to receive it please?

bugsyb4

https://www.boards.ie/discussion/comment/119200868#Comment_119200868

Thanks for this I really should look at pushing this switch through so. Just not ideal timing, so when roughly would you think I would need to start to DD to get this 2.10% green rate? Just so I have an idea how long I have!! We are only just after getting approval in principle as of today and waiting to hear back when valuation will be.

Probably should have added we are on 2 year fixed with KBC at 2.25% which is up 25th Aug. Switching to 5 year 2.4% or 10 year 2.8% not really relevant for us when switching to AIB.

macvin

https://www.boards.ie/discussion/comment/119201714#Comment_119201714

Problem is AIB may have changed by then. I would expect most banks will have changed their fixed rates in the next couple of weeks or at the latest immediately after the ECB announcement on July 6th and the increases will be 0.5-1% as fixed rates here are quite low and in the lower half of EU rates (Irish variable rates are high in comparison to eu)

If they do, you will have the back-up of being able to take up the KBC rates within 24 hours or so without any paperwork / fees

Red Silurian

https://www.boards.ie/discussion/comment/119200868#Comment_119200868

Always was going to happen with the non-bank lenders first as they lend directly and don't hold deposits. The others will follow suit as they chase profits. I'm 6 months in to a 5 year fixed with EBS at 2.75% so no point doing anything at the moment. Got in at a good time it seems

raxy

Anyone who has or is switching their mortgage, how long did it take for solicitor to get deeds from kbc?

Ours were requested on the 27th May but no word yet.

Tandey

https://www.boards.ie/discussion/comment/119201335#Comment_119201335

About 7-10 working days. If your fixing with them again and curious they got back to me 11 working days after I had sent them the necessary documents saying they had received them for the new fixed rate.

Sarn

Thanks, that’s a fairly slow process. Almost a month to refix!

Rock Steady Edy

https://www.boards.ie/discussion/comment/119201335#Comment_119201335

Allow 5-10 working days.

gerogerigegege

Hi Lads & Lassies,

moving from KBC. No mortgage, loans. an account for weekly work payments. any advice/general consensus as to where to go?

Thanks,

Gero

macvin

https://www.boards.ie/discussion/comment/119223505#Comment_119223505

Try Bunq - Dutch bank, but with operations here. €2.99/month. Irish IBAN

darragh2020

Hi , would really appreciate some advice on KBC fixed rate application process please . We got a phone call yesterday to say our breakage fee is zero (we are currently on a 5 year fixed rate of 2.6% since Dec 2018 ) As I am on career break to look after 3 little ones and my husband has another 10 months probation on his new job we don’t have the option to switch providers ! We are going to apply for KBCs 5 year fixed rate of 2.4% but want to make an overpayment of €30k so I’m assuming we have to be on a variable rate to do that without penalties.

so is it a case of signing breakage fee form and sending off , then waiting til it’s processed and we are on variable rate , then overpaying the €30k , then apply for 5 year fixed rate ? Is this process lengthy ?!

the application form for existing customer fixed rates doesn’t show the 2.4% option though , it’s 2.6% . Is there another form that I’m missing on website ?

thanks in advance !

Fwarder

https://www.boards.ie/discussion/comment/119230593#Comment_119230593

HI,

I just got the breakage letter. Basically breakage letter is telling you that they'll put you on the variable rate. So I presume that 30k overpayment is not an issue then. I.e. they'll move you from fixed to variable, take the overpayment, reduce the principal, re-fix you on some other rate.

From KBC website: "To reward your loyalty as an existing KBC customer you can apply to avail of the New Business Loan to Value (LTV) Rates."

If you have the KBC Current account I can see these rates:

5 Year <60% LTV 2.40%

5 Year 60-80% LTV 2.45%

5 Year 80-90% LTV 2.50%

If not, add 0.2% to all of them

Sarn

The application form does not include the current account discount rate. On the form it mentions that you have to ring them. I was told on the phone that they’d automatically apply the discount if you’re already on it. However, I did request in my email that the discount be applied, just in case.

We received our break fee form a week after requesting it.

DaveyDave

Am I correct in saying that if you go for another fixed term they use the original LTV?

BronsonTB

https://www.boards.ie/discussion/comment/119231353#Comment_119231353

Yes, unless you get a new valuation done (must be dated within 3 months)

BronsonTB

https://www.boards.ie/discussion/comment/119230593#Comment_119230593

Need to be quick in sorting out - deadline is 15th July with KBC incl existing customers.

raxy

https://www.boards.ie/discussion/comment/119231353#Comment_119231353

If you want to change LTV you need to get a new valuation done.

homer1982

We had 3 years left on our fixed at 2.65%. The breakage fee was waived by KBC so I firstly looked at re-fixing with them for 3 years at 2.25% and when I went to sign I had a last second change of mind and went for the 5 year fixed at 2.45%.

I was listening to alot of radio shows and reading alot of articles about the wise decision to fix for as long as you could so I called KBC and was able to cancel the 5 year fixed and instead do the 10 year fixed at 2.85%.

Anyone have an opinion on this, was I right or wrong? Our monthly repayment only increases by €15 and I wouldn't have gotten an Avant mortgage in time before the rate increases never mind all the extra costs involved.

Fwarder

https://www.boards.ie/discussion/comment/119232336#Comment_119232336

I guess we'll know in 5years if it was better to go for 5y fixed or 10 :/

At the end of the day, you can always ask to break it again if the mortgage rates drop drastically below that

cython

https://www.boards.ie/discussion/comment/119232336#Comment_119232336

Facing a similar choice myself, albeit that I've 1 year left on fixed at 2.25%. I rang them today for the break information, which will likely take until some point next week to receive, so some time to consider.

I've a decent monthly overpayment already, and assuming that the overpayment allowances (10% of the opening balance at the time of fixing over the course of the fixed term) are maintained in migrating to BOI, then if I keep the current rate up I'll end up hitting my overpayment ceiling well inside the 5 years, never mind 10, so I'm shying away from any longer than 5 years myself. It's also a much bigger jump in rates (2.85% rather than 2.4%) to go to 10 years, to the extent that while fixing for 5 years will obviously raise my rate, I think the base payment I'd have to make could be lower at the 2.4% than my original base payment at 2.25% (due to overpayments made to date). This absolutely will not hold true for the 10 year rate.

youcancallmeal

https://www.boards.ie/discussion/comment/119232336#Comment_119232336

I've heard and read so many differing opinions. Some reckon interest rates will rise steadily for next 2/3 years and then drop back down again. Others say interest rates will still be high in 5 years time and take 10 years to get back where we are now

AlmightyCushion

https://www.boards.ie/discussion/comment/119232336#Comment_119232336

You will only know around 10 years from now if it was the right thing to do. Given how things are looking, interest rate increases could be frequent and aggressive and the higher rates may be with us for a while. I think you made a good choice.

Mr Velo

https://www.boards.ie/discussion/comment/119223713#Comment_119223713

How do you apply for this?

On the Bunq website it will only accept a Dutch mobile number?

**** edit - found it...... DOH! *****

DaveyDave

Requested my break fee and LTV pack for refixing, hopefully I make it before any rates go up...

Fwarder

https://www.boards.ie/discussion/comment/119237925#Comment_119237925

It arrived within 5 working days for me.

If you're refixing then you don't even need to send anything back by post. Just sign the break fee form, download and sign the application form for existing customers (pages 9/10), and email it back to customer service.

I have to say that KBC was very easy to deal with in this regard. Literally sign two papers (if you're not moving LTV), scan them, send an email and done.

macvin

https://www.boards.ie/discussion/comment/119232336#Comment_119232336

As you say, the difference is quite small. The peace of mind you get from knowing your mortgage payment for the next 10 years is well worth the little extra imo. If the ecb is correct, the medium term rate will be 1.75-2% which will be 4%-4.5% mortgage rates. I can't see 0% ever returning

rodge123

Has anyone gone with the AIB green mortgage?

Was sure I had a BER cert for our house that we build 6 years ago but turns out I only have a preliminary BER report. It has about 15 pages with various details filled in and final rating of A2.

Im guessing AIB won’t accept this, they will want one of officially done/submitted?

youcancallmeal

https://www.boards.ie/discussion/comment/119269853#Comment_119269853

You can search for them here

DaveyDave

https://www.boards.ie/discussion/comment/119237925#Comment_119237925

Still waiting for this. Got my LTV form but still no break fee. What date are rates possibly going up?

retalivity

Got my invitation to open an N26 account today, honestly cant remember when I applied for the waiting list, think it was last November/December!