Key Post If you're thinking of fixing a KBC tracker, do it immediately.

[Paddy1981]

Quick note on this. Just off the phone to KBC. All mortgages are transferring to BOI this Friday. Completed applications for moving to fixed need to be in before that. Completed applications can be emailed to their customer service email.

 

[Paul F]

Bank of Ireland completes purchase of €7.8bn of KBC loans

Move is latest step as KBC exits Ireland

www.irishtimes.com

Bank of Ireland confirmed on Friday that it had completed the purchase of €7.8 billion of loans and €1.8 billion of deposits from KBC Bank Ireland, as the Belgian-owned lender advances plans to exit the Republic.

It is expected that the portfolios – including €7.6 billion of performing mortgages, €100 million of small business and consumer loans, and €100 million of non-performing loans – will move across by the end of March.

If you want guidance on whether or not you should fix your tracker, post your mortgage details in this thread (in the requested format):

Key Post - I have a KBC tracker – should I consider fixing?

Moderator's note: If you want to ask whether you should fix or not (or switch to another lender), please provide the following information: 1) Existing tracker margin. (This is set in your mortgage contract.) If your tracker margin is 1%, please state it in the following format to avoid...

www.askaboutmoney.com

 

[Brendan Burgess]

So are former customers of KBC now able to avail of Bank of Ireland fixed rates which are much lower than KBC's?

KBC did allow people to return to their tracker when the fixed rate was up though, which would be important for someone with a low margin.

 

[Paul F]

So are former customers of KBC now able to avail of Bank of Ireland fixed rates which are much lower than KBC's?

I'm guessing that they are still considered customers of KBC until the mortgages are moved across next month.

Edit: based on what @mikerd4 said in another thread:

I got the text msg five mins ago to say Im now a boi customer for my mortgage.

it is possible that they are already considered BOI mortgage customers. If that is the case, then fixing on KBC's rates is no longer an option. Probably best to call KBC and ask.

If they are considered BOI customers already, they should be allowed to fix on the rates shown in the "Bank of Ireland (current BOI mtg customers only)" row in this table:

Best Buy - Which lenders have the lowest mortgage rates? (Updated April 2023)

While I wrote the original post on this, Paul F has edited it and made it far easier to read and has kept it updated. Brendan You (or your broker) should apply to two or three of the cheapest lenders simultaneously. It might take some time for your loan offer to materialise, and today's Best...

www.askaboutmoney.com

And the CCPC determination makes clear that, no, the former KBC borrowers will not be treated as "new customers" in BOI's eyes. The only measly protection they get is that, if they are on a KBC variable rate at the time of the transfer, BOI can only increase their variable rate by as much as they increase the BOI variable rate.

If I were cynical about BOI – not that I am, of course – I would suggest that BOI have held off on increasing their variable rates until the KBC customers move across, so that they can then increase the variable rates of both the current BOI and former KBC customers.

 

[Brendan Burgess]

I would suggest that BOI have held off on increasing their variable rates until the KBC customers move across, so that they can then increase the variable rates of both the current BOI and former KBC customers.

That is possible.

But BoI also kept their variable rates artificially high so there was no need to reduce them.

Today, they are still higher than ptsb's and AIB's.

Brendan