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KBC exiting Ireland

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    #962
    raxy
    Registered Users Posts: 850 ✭✭✭raxy


    Has anyone dealt with ezfees.ie for a mortgage solicitor, they look like a broker who finds you a solicitor at a lower cost. They are promising lower solicitor fees saving €320. I just registered on the site but you have to pay €60 before they put you in touch with a solicitor. They only say the professional fees though not a full quote.

    I'm wondering if anyone has used them? Do they make up the reduced professional fee with other costs?



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    #963
    MercuryBoy
    Registered Users Posts: 121 ✭✭MercuryBoy


    Looks like they updated their site https://www.kbc.ie/en-US/current-accounts/important-update/


    "Deposit Accounts are part of the Binding Agreement with Bank of Ireland and Current Accounts are not part of the Binding Agreement. Should a Binding Agreement with Bank of Ireland receive regulatory approval, your deposit account will transfer automatically to Bank of Ireland at a date in the future.If you close your Current Account before your Deposit Account moves to Bank of Ireland you will need to contact us in writing to withdraw any funds from your Deposit Account as you cannot transfer funds from your Deposit Account via the KBC App once the Current Account is closed. "

    Same seems to applies to monthly saver accounts. I presume this means anything in demand/deposit/saver accounts will just automatically migrate to BOI, whether BOI will allow the funds to be transferred out of BOI without a BOI current account is another question....



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    #964
    youcancallmeal
    Registered Users Posts: 8,023 ✭✭✭youcancallmeal


    Still looking at switching and think we're just going to try and refix with KBC for 3 or 5 years. Seems like Avant, BOI and solicitors in general are overrun with people looking to switch. Broker said that realistically we would be looking at August/September before we could actually get the switch completed(i.e. draw down), by which time the current offerings will more than likely have increased anyway. It's a bit of a gamble either way



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    #965
    raxy
    Registered Users Posts: 850 ✭✭✭raxy


    Avant have already increased their rates for new applications. It's hard to know what the rest will do.

    I applied on the 13th April with Avant. They came back with some questions 2 days ago. Broker thinks I should have approval by the end of next week & should be able to draw down at the lower 1.95% rate.



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    #966
    shanec1928
    Registered Users Posts: 4,148 ✭✭✭shanec1928


    Sent in the letter to close my account yesterday Wednesday. Logged into kbc app this evening(Thursday) account closed and remaining funds already in my new account.



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    #967
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    https://www.boards.ie/discussion/comment/119071784#Comment_119071784

    If inflation continues to increase they may have to raise rates a hell of a lot more than that... but I also hearing that if they raise to much they wont be able to manage interest payments on their own debt (so they may actually reverse an ease off again after a big crash, the FED but think ECB will follow them as always)... so they are stuck between rock an hard place it seams.

    FYI Paul Volcker raised interest rates above 20% in the 70's to combat inflation... I think 24% not sure.. rates must b above the real rate of inflation to stop it.. an currently inflation is like 8.5% in the states but if measured the old way like in 70's (they keep changing the metric to make it look lower) it's actually more like 15-18% atm... here check shadow stats: http://www.shadowstats.com/alternate_data/inflation-charts



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    #968
    JayMcS
    Registered Users Posts: 38 ✭JayMcS



    Hello Room :-)

    I am on a tracker (1.25% I think at time of writing ) with KBC, I have a split / warehoused mortgage an I tried recently to move it to a fixed rate yesterday but after telling me previously on a number of occasions that it would be no problem.. they are now refusing to let me move to a fixed rate after quoting me rates for it... my thinking was to try put a ceiling over it before the move to BOI

    1 How will the move to BOI affect me.. will they honour my tracker rate I'm on now.. ?

    2 Also will they allow me to move to a fixed rate if so desired.. or can I do that if I move it to someone else ?

    3 Will the tracker last til end of mortgage if not altered or is it due to expire at some point ?

    4 Can I move a split mortgage to someone else other than BOI an change to a fixed rate I wonder ?

    5 Also I went to court with KBC an they were not awarded legal fee's but they charged me all the same.. I read that the Central bank instructed them to refund anyone that was sticking to their end of agreement but they refused to refund me the fee's , they just refunded me the interest they charged me on the load they gave me to pay them the fee's/. I knew none of this let alone agreed to any of it.. /-s

    So many questions stressful stuff..

    Jay



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    #969
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    https://www.boards.ie/discussion/comment/119119993#Comment_119119993

    Its a big gamble for sure. Im thinking it will be a gradual climb. Over maybe 2 years before we see any crazy rates. By that time I will be in the last few years of my tracker. Any interest will be minimal as payments will be mostly principal.

    I cant see it going to 10%. Thered be mass defaults surely. Banks would already be charging higher for fixed rate deals. If I had 10 years+ left on a variable Id have fixed already. But who knows. It could go the way you say.



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    #970
    Quin_Dub
    Moderators, Politics Moderators, Social & Fun Moderators Posts: 15,582 Mod ✭✭✭✭Quin_Dub


    The Tracker rate has to be honoured for its remaining duration.

    I'm on a standard Tracker rate and what I have been told is that BOI (and only BOI) are obligated to honour that rate under the terms of the Sale.

    Yes , Interest rates are going to go up this year and probably next year too , but they aren't going to go spike to 7/8/9% plus..

    ECB rates will move to maybe 2 or 3% over the next 18 months and given that most if not all trackers have less than 10 years remaining , the impact of higher Interest isn't as great anymore.

    I'm my view , even with increasing ECB rates , a tracker is still going to be cheaper cumulatively over the remaining lifetime of the loan when compared to currently available fixed rates.



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    #971
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    My Tracker has 23yrs 8 months left. At least that is what they are telling me. Is this correct or... Last week they told me I could change to a fixed rate.. but this week they are saying I cannot..

    I have been getting a lot of wrong / contradictory info off kbc... so its hard to believe them now no matter what they say.

    Post edited by JayMcS on


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    #972
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    You are in a different scenario. At this stage of your mortgage your payments are still made up of a lot of interest. Rate rises will hit you hard and also increase what your payments would have been later in your mortgage term compared to no rate rises. Its a tough call.



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    #973
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    "Yes , Interest rates are going to go up this year and probably next year too , but they aren't going to go spike to 7/8/9% plus..ECB rates will move to maybe 2 or 3% over the next 18 months and given that most if not all trackers have less than 10 years remaining , the impact of higher Interest isn't as great anymore."

    @Quin_Dub it is impossible to know that for sure though, although I am inclined to agree I think they may try to raise rates an crash markets then back off.. but we have 70's style inflation there no reason we wont have 70's style interest rate hikes... *except* that if they raise interest too high they wont be able to service there own debt so we hav that going for us as they created more debt in last couple of years than ever before.. debt to gdp is at all time highs.. if they cannot curb inflation then it may just continue to get worse.. all the while they are shrinking their debt I guess... but money is still being printed !



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    #974
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    https://www.boards.ie/discussion/comment/119121745#Comment_119121745

    Also I am on a split so only paying interest on half of the debt... so I guess that is something positive as I will only have to cover interest hikes on the half that is on the tracker...

    But can I ask you would you know is it possible to move a split mortgage to Avant or somewhere else... jus curious to my options ?

    Post edited by JayMcS on


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    #975
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    https://www.boards.ie/discussion/comment/119122468#Comment_119122468

    Im not sure if you can move a split mortgage but if you decide to fix the tracker portion of it you will have to shop around for the best deal and make contact with other banks / brokers anyway. The hard part is making the decision to fix. After that it wont take you long then to find out if Avant or someone else is willing to take your mortgage.



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    #976
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    Is it possible to move a tracker to a fixed with the same bank ?

    If so why wont KBC let me fix it before it goes to BOI ?

    Cheers



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    #977
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    https://www.boards.ie/discussion/comment/119123632#Comment_119123632

    You are at the discretion of KBC on that.

    It wouldn't surprise me if BOI have told KBC listen up dont be offering good fixed rates as we will be forced to honour those deals.

    Its unfortunate but you really need to be 3 steps ahead of the banks in this country and arguably a bit lucky with your timing as we have seen they are complete crooks.



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    #978
    macvin
    Registered Users Posts: 716 ✭✭✭macvin


    https://www.boards.ie/discussion/comment/119120020#Comment_119120020

    You "think" it's 1.25%

    It's the biggest financial loan you most likely will have and you don't know your rate!


    If it is 1.25% there's not much use in fixing.


    Fixing only works for tracker holders if you can fix for the remainder of your term. You do not want to be going onto a standard variable rate after a few years of fixed.


    Your tracker is GUARANTEED 100% - it can be sold to a different bank every year and the margin won't change.


    You would be committing financial suicide by taking a short term fixed rate


    KBC are protecting you from yourself.



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    #979
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    https://www.boards.ie/discussion/comment/119124379#Comment_119124379

    Good point.

    My Tracker has 23yrs 8 months left. At least that is what they are telling me. Is this correct or... Last week they told me I could change to a fixed rate.. but this week they are saying I cannot..

    @JayMcS For how long did KBC offer you a fixed rate?



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    #980
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    https://www.boards.ie/discussion/comment/119124463#Comment_119124463

    they wer bout to do it for 10yrs but then refused at last min I had to cancel the valuation due next morning. Interest rates may go up more than 2 or 3 % that is unless they decide to sacrifice the currency an go back to the loose money policies. This may also happen but if not then a rate higher than the inflation (real inflation rate) is req to curb it... As stated previously its tough call.. I jus didn't want ot spend the next years worrying bout it.. I cud of put a ceiling over it I wud of been happy with the peace of mind it will not go higher than that etc... and as I only pay interest on half of the house it seamed appealing to move the other half to 3 or so %... in ten years money will b worth less than now anyway and likely this period of woe will be in rear view mirror... so I guess I was not worried bout a 100 / 150 increase for that peace of mind knowing that if % went crazy I wud be protected,

    @macvin I would appreciate it if you did not speak to me like that. There's no need to be rude, Thanks



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    #981
    jj880
    Registered Users Posts: 4,877 ✭✭✭jj880


    https://www.boards.ie/discussion/comment/119125231#Comment_119125231

    Macvin is right. KBC have helped you in this case by not giving you the 10 year deal. You dont want to end up on variable after the 10 years fixed. Only worth considering if you can get fixed for the rest of your mortgage. I haven't heard of any deals for that many years in Ireland recently but you never know.



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    #982
    OfflerCrocGod
    Registered Users Posts: 6,317 ✭✭✭OfflerCrocGod


    Inflation is already rolling over. I think it's likely that next year we'll be back to talking about deflation.



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    #983
    JayMcS
    Registered Users Posts: 38 ✭JayMcS


    I don't believe inflation is rolling over just bouncing off the highs... I think large market crash on the way maybe later this year, at the moment it is slowly grinding down back toward march 2020 lows. I reckon we give everything back since money print an more... then we see where it wanted to go in the first place before the printed trillions...

    I suspect they will turn back (fed pivot) to QE an print another load of cash then... this will not be good for inflation, not at all. Inflation is always, always a monetary issue. It's due to printing money from thin air. Money backed by nothing real is well it's only backed by confidence. We need to go back to sound money policy. I think this FIAT experiment is ending.

    Inflation is a monetary phenomenon not a supply issue.

    According to the Austrian School of Economics you cannot have a shortage of every commodity, you can have a shortage of one thing maybe two or three. If you have a shortage of everything then you have an inherent problem within the system of exchange i.e. the monetary system & the money printing has not stopped either so...they have just reduced it an the markets are crashing already. I think they may run back to the printer eventually...this will just make matters worse of coarse.

    Post edited by JayMcS on


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    #984
    macvin
    Registered Users Posts: 716 ✭✭✭macvin


    https://www.boards.ie/discussion/comment/119125231#Comment_119125231

    I wasn't being rude, I was pointing out that your thought process and knowledge were ridiculously flawed and if you went with what you were trying to do it would cost you TENS OF THOUSANDS

    You then ramble on with some "economic" views that are equally as flawed.


    I'll put it to you again.


    If you switch to a fixed rate you will NEVER EVER go back to a tracker rate. You will have signed away a great value product. You have almost 24 years left of your mortgage. You were looking to fix for 10 year at probably 3.2% - That is a WHOPPING 1.95% higher than your tracker.


    ECB will likely move to 0.75% by end of year. They have stated that ideally they want long term rates of 1%-1.5%. It may go to 2% for a short period, or even 2.5% - no-one knows, but so far the ECB has kept to long term aims in general, so take it that average rates for the next period will be 1%-1.5%. Your mortgage will therefore be 2.25% - 2.75%


    The 3.2% fixed would mean that for you to get "value", the ecb would need to quickly move to 2%-2.5% and stay there for the next 23 years as after your fixed rate you go to the standard variable rate - even with ECB at Zero, Bank of Ireland variable rate is an eyewatering 4.5% - that's 3.25% HIGHER than your tracker.


    So call me rude are whatever, but if you give up your 1.25 tracker and have almost 24 years left - I would quite righty call you and anyone else that does such a thing - a total nutcase.



    The only scenario where is is worth giving up a tracker is where you have a tracker of 1.5% or higher and you can fix for the ENTIRE or almost entire remaining term at a rate of 2.75% or lower. EG in your case it would mean a minimum 20 year fixed rate with finance Ireland at 2.65%.


    So rude or not - DON'T DO ANYTHING - you'll thank me for protecting yourself from yourself at some point in the future



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    #985
    Slutmonkey57b
    Registered Users Posts: 5,561 ✭✭✭Slutmonkey57b


    There is a reason banks were attempting to scam people out of their trackers. Because they know its value.



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    #986
    Sam the Sham
    Registered Users Posts: 684 ✭✭✭Sam the Sham


    How is it possible that someone has 23 years left on a tracker? I thought trackers weren’t being issued after 2009 or so. That was 13 years ago. Were 36-year terms even possible back then?



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    #987
    Quin_Dub
    Moderators, Politics Moderators, Social & Fun Moderators Posts: 15,582 Mod ✭✭✭✭Quin_Dub


    https://www.boards.ie/discussion/comment/119135744#Comment_119135744

    Exactly - Bottom line , there is no scenario where any other combination of mortgages rates , fixed or otherwise is going to be cheaper than a Tracker over the lifetime of the debt.

    There just isn't.



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    #988
    Slutmonkey57b
    Registered Users Posts: 5,561 ✭✭✭Slutmonkey57b


    https://www.boards.ie/discussion/comment/119135884#Comment_119135884

    Lots of people will have taken payment holidays during the crash. Some people haven't made repayments at all since 2009.



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    #989
    Supercell
    Registered Users Posts: 15,416 ✭✭✭✭Supercell


    Just a word of advice on switching from KBC to another bank.

    We opened an account last month to Core Credit Union and our wages went into it no problem. KBC are refusing the switch because the addresses don't match apparently..

    I've looked at both accounts and the only difference I can see is KBC have Ireland on our address twice as the bottom and don't mention our Eircode (whereas with Core our Eircode at the bottom as you would expect)

    We just got a call from this morning from a very nice person in Core saying that they couldn't transfer our direct Debits etc and KBC were refusing to do so because of "mismatching addresses".

    I didn't trust the switching process to work already and had already manually done nearly all of ours anyhow. We will have to manually close off the KBC account now too by post.

    Just thought i'd post this word of caution to those switching. Its not good for your credit record for example if your mortgage payment bounces due to insufficient funds, plus KBC will charge you if a direct debit is attempted and there is insufficient funds.

    Most companies will allow you to change your billing IBAN online easily, the exceptions for us were post office/tv license doesn't and for children's allowance you need a MyGov account to do so, BOI mortgages needed a form sent back to them in the post.

    Maybe something to keep in mind when switching!

    https://www.loughlinstown.ie/

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



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    #990
    iColdFusion
    Registered Users Posts: 995 ✭✭✭iColdFusion


    Was all set to move to my local credit union until I saw down in their terms and conditions they have a 10k savings limit for new customers, seems a bit mad as I thought their whole business model was to lend out peoples savings but worth checking for anyone looking to move to a CU!


    Also their criteria is pretty strict about proving you live or work in the local community areas defined on their website.



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    #991
    simpsimp
    Registered Users Posts: 118 ✭✭simpsimp


    https://www.boards.ie/discussion/comment/119143176#Comment_119143176

    We switched to PTSB, and did everything manually - I just don't trust the auto switching process, as every entity has different rules, as you mention here.

    We tried to switch to AIB, but you can't set up a joint a/c online with AIB, and we could not get an appointment from the branch - but we found out that you can set up a PTSB sole account and convert it to a Joint a/c by dropping into a branch - we did this and it was a very smooth process

    (I've banked with AIB for 30+ years, still have a few accounts with them, and yet still found them to be impossible to reach on the phone or in branch! PTSB are a lot more reachable, and I found that I could get a scheduled call-back via Twitter DM when they were busy on the phone... Also am pleasantly surprised that the cash-backs on the PTSB current account are more than the fees (don't get me started on AIB fees!))

    So I'm just manually moving everything over, and keeping just enough in the KBC in case I miss anything; I think the switch process will be overwhelmed this year, so as others have said, for credit rating reasons etc, best to take this approach, if you can afford to leave a nominal amount on the KBC end, that is!

    Good luck everyone!



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