# Did I once have a tracker mortgage?



## ash693 (3 Jul 2013)

Please help I need some advice....We took out a mortgage with KBC homeloans in 2005 and the loan offer states under special conditions that " The interest rate applicable to the loan identified on page 1 (3.25%) of the letter of offer is a variable interest rate and may vary upwards or downwards. The interest rate shall be no more than 1.25% above the prevailing European Central bank Main Refinancing Operations Minimum Bid rate ("REFI rate") for the Term of the Loan. variation in interest rate shall be implemented by the lender not later than close of business on the 30th day following the change in the REFI rate. Notification shall be given to the borrower of any variation in interest rate either by notice in writing served on the borrower, or by advertisement published in a paper. In the event that, or at any time, the REFI rate is certified by the lender to be unavailable for any reason the interest rate applicable to the loan shall be the prevailing loan variable rate"

What does this mean? When we took out the mortgage did we have a tracker? We later fixed in 2006 until 2008 and then until 2010. We are currently on variable. There was never a mention of the word TRACKER on the loan offer or on any of the fixed rate instruction received or anywhere since.  Do I have a case where the tracker mortgage should be returned to us?
Many thanks for your replies.


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## raglan (3 Jul 2013)

Yes you did have a tracker. We took out mortgage with KBC in 2005 too, and had that same condition only ours was 1.1%. We too ended up fixing as they kept including their "super fixed rate deals" in their almost monthly letters. We fixed for 3 years and after that realised the consequences of what had happened and tried to get our tracker back, went to Financial Ombudsman who sided with them. Nowhere did it mention tracker in original paperwork except in that special condition, it was always called variable which didn't help in the confusion. I know someone else who had identical case and lost it too when they went to Financial Ombudsman.

I'd maybe send Pauric Kissance who posts on these forums your case. He is a solicitor, who looks at cases quickly to see if he thinks they would win against ombudsman. Unfortunately , I only discovered him about a year after we went to ombudsman. But I've sent him my details to look at it, ..but as you have not already gone to Ombudsman already he would be able to advice you more about what route would be best for you to take. I think his username here is PadKiss.


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## DrMoriarty (3 Jul 2013)

The guy's name is Padraic Kissane and he's mentioned in this key post by Brendan.

And yes, he posts here under the username .

Best of luck. But a lot will depend on what's in the agreement(s) you signed — many of them contain a clause to the effect that when the fixed rate term is up the loan will revert to the standard variable rate (which _doesn't _mean a tracker rate). If you signed up to that you may have no case.


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## mcaul (5 Jul 2013)

DrMoriarty said:


> The guy's name is Padraic Kissane and he's mentioned in this key post by Brendan.
> 
> And yes, he posts here under the username .
> 
> Best of luck. But a lot will depend on what's in the agreement(s) you signed — many of them contain a clause to the effect that when the fixed rate term is up the loan will revert to the standard variable rate (which _doesn't _mean a tracker rate). If you signed up to that you may have no case.




But the bank has an obligation to the customer and there is a lot of stuff out there now that the ombudsman did not consider in both mine, raglan's and many other cases.

To the OP - do not go the ombudsman route.

Padraic Kissane is organising a meeting of KBC tracker customers but he is away at present.

Would you be able to say if the figure of the mortgage outstanding in 2008 was under €225,000 or over €225,000?

And also did you deal direct with KBC or through a broker?


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## ash693 (6 Jul 2013)

Thanks for the replies. We did try and contact Padraic Kissane yesterday and he is away as you said

Mcaul - Mortgage was for less than €225k from the start and we did go through a broker alright. Does this make a difference?
Will be following through with this, not sure what route to take yet.


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## Gerry Canning (8 Jul 2013)

To Mc Caul ,Re ;OMBUDSMAN.
From experience, he effectively ignores the General Principles on the Consumer Codes and relys to a very large degree on what is written.
The Reality then is that genuine cases only are answered on Documentary evidence and assertions that are clear to you and I are ignored.
I am not atall sure the Ombudsman understands the Consumer Codes !! or maybe it is just me.?


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