# Combining split after redress



## Sunny772 (26 Mar 2018)

Policy query. Will a (reinstated) tracker rate will apply to the entire mortgage balance if I combine a spilt mortgage (active and warehoused portion). 
Is there a formula to work this out? 
And would they apply a fee. We negociated a split and a term extension 5 years ago.
Thank you.


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## Brendan Burgess (26 Mar 2018)

Which lender?


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## Sunny772 (26 Mar 2018)

Its Kbc bank


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## Brendan Burgess (26 Mar 2018)

This is how KBC are doing it

*KBC redress query for arrears case & split mortgage*

They will probably set the overpayment against the mortgage according to the original split. So if you had 25% in the warehouse, they will set 25% of the refund against the warehouse. 

KBC doesn't charge interest on the warehouse, and this will continue. 

But they review the split every three years. I would imagine that at the next review, they will conclude that you can afford the full repayments on the mortgage and abolish the split.

Brendan


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## Sunny772 (26 Mar 2018)

Thank you Brendan. yes they split the redress already 50/50 over the 2 (plus the cheque for comp) but suggested rather than change the split that we make overpayments off the capital. That would be OK but I'd prefer to have it as 1 incase the bank gets taken over or the mort gage sold. I'll post back here if I get a result. I've been trying to speak to someone in restructure dept since last Wednesday.


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## Brendan Burgess (26 Mar 2018)

7thForestryFund said:


> That would be OK but I'd prefer to have it as 1



The point is that if you don't need a split mortgage which you clearly don't, then you should not have one.

Brendan


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## Sunny772 (23 May 2018)

Thank you for reply. Still trying to get a straight answer on this. After many phone calls they said they're reviewing all split mortgages and will be in touch in the near future with options and in the meantime to make overpayments by DD.


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## Muddle2018 (23 May 2018)

Hi, I am in the same boat and been put on to nearly every department at this stage. I was told the last time on the phone that they are not removing the split for anyone at the moment however they are willing to talk. My point is that the only reason I needed the split was because  they overcharged me therefore they should remove it. I have a meeting booked for this day next week with a field officer to discuss it. Perhaps call and ask for a meeting and put your case across because I will be screaming from the rooftops if they make this difficult for me after all they have previously put me through.


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## peemac (23 May 2018)

7thForestryFund said:


> Thank you Brendan. yes they split the redress already 50/50 over the 2 (plus the cheque for comp) but suggested rather than change the split that we make overpayments off the capital. That would be OK but I'd prefer to have it as 1 incase the bank gets taken over or the mort gage sold. I'll post back here if I get a result. I've been trying to speak to someone in restructure dept since last Wednesday.


KBC won't be sold. They've committed to the Irish market and are making very healthy profits.

The mortgage is probably already securitised - you'll know which vehicle its in by the name printed on your bank account for the TRS payment - mine is Phoenix2.

I'd let the dust settle on the tracker first and then you'll find its easier to meet with them. - Possibly in the autumn or early next year.


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## Muddle2018 (30 May 2018)

HI OP. I had meeting with kbc today about the same thing. Basically i was owed 45K and they took half off each side - so half off the current mortgage and half off the warehoused amount. I am not sure her figures were correct as she told me repayment per month on 183k over 29 years was 613euro per month on 1.10% but I think it is less - either way it can be done and the tracker amount stretched over the entire amount. I got the ball in motion today and should have the restructure in place by the end of June


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