Anyone who is a KBC "New Business" variable rate mortgage customer should be aware of the following:
As I now have a final response letter I am preparing a complaint for the FSO as I believe I have sufficient detail and information to demonstrate that KBC are operating in breach of their obligations to customers as a regulated mortgage provider.
Any further information I can gather will help me give a comprehensive and accurate complaint to the FSO.
Thanks in advance for your help
- KBC's variable mortgage offering is far from clear
- KBC's variable rates are not the commonly understood notion of variable rates used by other banks
- KBC treat mortgages for "New Business" and "Existing" customer rates differently
- KBC treat for "New Business" and "New Business" customer rates differently (2 customers on the same variable LTV mortgage pay different rates)
- Previous KBC "New Business" rates do not benefited from any of the subsequent rate cuts.
- "New Business" rates are effectively upward only as they reserve the right to increase them and the right not to decrease them in line with equivalent KBC rates.
- I believe (with supporting documentation) that KBC to be in breach of the Consumer Protection Code
- Does this scenario bother you or are you satisfied with this arrangement?
- Did you know when taking the mortgage that it would not be eligible for subsequent rate cuts announced by KBC?
- If no, would it have affected your decision to proceed with KBC if you had known?
- If yes, do you have any documentation explaining the situation?
- Were you provided with any documentation that suggested the rate was an introductory / promotional rate?
- Have you queried or complained about the issue with KBC?
As I now have a final response letter I am preparing a complaint for the FSO as I believe I have sufficient detail and information to demonstrate that KBC are operating in breach of their obligations to customers as a regulated mortgage provider.
Any further information I can gather will help me give a comprehensive and accurate complaint to the FSO.
Thanks in advance for your help
Last edited: