Brendan Burgess
Founder
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According to Charlie Weston in today's Independent, it seems that KBC has changed its policy and is allowing existing customers to get the same rates as new customers on the same LTV.
Mortgage war: rates slashed as banks fight for borrowers
"The bank has been criticised in the past for restricting some rate cuts to new customers only.
But new borrowers, switchers and existing customers are being offered lower rates based on the value of the property in relation to the amount borrowed on it. This signals that KBC is moving away from offering different rates to new and existing customers.
New customer rates are coming down from next Tuesday, with existing customers of the bank able to apply for lower rates from December 1."
This is a huge achievement for the handful of people who have taken complaints against this practice to the FSO and the Central Bank. Well done!
It is also an achievement of Michael McGrath's bill on mortgage rates. Maybe the Central Bank used a bit of moral suasion to tell them that the Consumer Protection Code obligation to treat customers fairly applies to them.
Brendan
Mortgage war: rates slashed as banks fight for borrowers
"The bank has been criticised in the past for restricting some rate cuts to new customers only.
But new borrowers, switchers and existing customers are being offered lower rates based on the value of the property in relation to the amount borrowed on it. This signals that KBC is moving away from offering different rates to new and existing customers.
New customer rates are coming down from next Tuesday, with existing customers of the bank able to apply for lower rates from December 1."
This is a huge achievement for the handful of people who have taken complaints against this practice to the FSO and the Central Bank. Well done!
It is also an achievement of Michael McGrath's bill on mortgage rates. Maybe the Central Bank used a bit of moral suasion to tell them that the Consumer Protection Code obligation to treat customers fairly applies to them.
Brendan