Complete mortgage before move?

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Reick

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I have a very small amount owed on my KBC variable mortgage (currently 3.1% rate). Would anyone have any advise on whether I should pay off the mortgage before it is transferred to BOI, or should I wait until it has moved?

One reason I kept the small mortgage was KBC's redraw facility, which was a nice option to have. I have been told that the redraw facility with KBC won't be available with BOI. (KBC said it is a 'benefit', so not a term or condition of the mortgage).

So unless I redraw funds now and fix a rate before it moves, I do not see any advantage of not finishing it up now before it moves. (Unless it would be worth having a record of a mortgage with BOI?)..
 
Reick said:
KBC said it is a 'benefit', so not a term or condition of the mortgage).
Click to expand...

Have you this in writing? Is it on their FAQ?

If you chose this mortgage based on ads highlighting this benefit, then I imagine that the Ombudsman would say it was an implied term.

However, look at the bigger picture. Are you going to redraw funds at 2.3% "in case you need them"?

I would say that you would be better off clearing your mortgage or let it transfer to BoI and if you need the redraw facility, claim it and see what happens.

Brendan
 
Also, some people here keep their mortgage with a very small balance so that the bank continues to have the responsibility of looking after the title deeds.

If you clear your mortgage, you'll have to pay a company to look after the deeds. (I'm not sure of the cost.)
 
If you keep the mortgage going then you'll probably also have to keep paying for mortgage protection life insurance.
 
Brendan Burgess said:
What?

Just keep them at home in your drawer. Make a copy of the key ones in case they ever get lost.

Brendan
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My mortgage deeds are a bundle of papers about 10cm thick. How am I supposed to know which are the important sheets to make copies of?
 
If you read them, you will get a good idea.

The more recent the more important.
The conveyance to you.
Anything to do with the registry of deeds.
Anything to do with planning permission.

Brendan
 
This post and the subsequent ones suggest that you need to give proper thought to how and where you store title deeds that are a big bundle of papers, i.e., memorialised with the Registry of Deeds. Reconstituting such title deeds is not fun, by all accounts.

But if your ownership is registered with the Land Registry there is less to worry about, it seems, but there are still important accompanying documents that you should make copies of. (See this thread for a great explanation of the difference between the Land Registry and the Registry of Deeds.)

This thread is also relevant:

Key Post - Title Deeds - What documents should be scanned as a backup?

I received the title documents of my home. Its a big lever arch file (with broken rings) with a lot of documents in it. I intend to keep the title documents at home and want to scan and keep a soft copy of the important documents (which are hard to replace) as a backup. I can see there are...
www.askaboutmoney.com
 
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Hi Paul
I wasn't aware of that thread. Very handy. I have made it a key post and put it in the proper forum.

Brendan
 
Reick said:
One reason I kept the small mortgage was KBC's redraw facility, which was a nice option to have. I have been told that the redraw facility with KBC won't be available with BOI. (KBC said it is a 'benefit', so not a term or condition of the mortgage).
Click to expand...
Sorry I am late to the party on this one but I am not sure how KBC can say this? Is your mortgage before 2013 [I think the date was that it was included in the T&C's]. If so, I would be pretty certain its listed in the terms and conditions of the mortgage and is not a 'benefit' of it. The reason I am saying this is when I had my dispute with them they told me that my mortgage was post 2013 and therefore the redraw option was no longer included in the terms and conditions.

I am in a similar enough boat, but have not contacted KBC around this. My ability to redraw certain funds was included in a mediated settlement with the Financial Services Ombudsman on a related issue, so I am not sure KBC or BOI will want to willingly break that settlement deal. I might just send the KBC mortgage team a letter tomorrow reminding them of the settlement and reminding them that post handover to BOI I expect the terms of the settlement to be fully honoured by BOI. If BOI are not in a position to honour this, then I will advise them to engage immediately !
 
HI GNF, It was not before 2013. Indeed when I made the overpayment I was told that I could have the redraw facility it as an exception, because they had removed the feature, as I had been told by someone else in KBC that the feature was available to me when making the payment. I have never tried to use the redraw but when I call up they seem to say 'sure, let us know if you want to'. , but have a feeling it may not be plain sailing to actually put it into effect..., however, back when disputing it, I was face to face with a branch manager who said it would be possible, so I hope it's written in their system somewhere. Something similar to yourself it sounds.

Regard whether in the terms.... KBC told me I'd have to contact BoI, so I did that (a few attempts),. my god, there is some difference in customer service between them... Each time I called BoI I was transferred around and then after waiting for about 15 minutes they just offer someone to call back as the person doesn't seem to be able to tell much... BoI say we can only comment on BoI mortgages, and that feature is not one they have.... The experiences with BoI so far make me just want to close the mortgage and never have to deal with BoI. I'm pretty sure once it goes to BoI, they will no way honour unless in the KBC T&C, which I cannot find it to be.
 
I got a booklet (today) from BOI regarding my mortgage transfer from KBC. I went straight to the redraw options and this is what it says:

BOI.jpg


So its pretty clear that redraw will continue to be permitted if you mortgage offer letter is from 2001-2017. I am not sure what dates you are talking about, but this should clarify most concerns on the topic as its pretty clear in black and white

I hope this helps
 
@Reick Apologies for the delay in the response. I am a bit up the walls at the moment. Just as well I missed it through, as the BOI booklet only arrived in this morning and therefore had I responded previously I would be changing what I said now :) sometimes it pays to be inefficient :)
 
Great, thanks GNF! Really good to see this ...hopefully I will get same.. thanks for posting, hope you get down the wall soon.
 
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