How long does it take to Re-fix with KBC

T

TTandTO

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I have applied for a refix with KBC - break fee application sent into KBC Jun 13 and refix application the same week.

Still waiting for the refix letter

Have called and emailed KBC asking for update. The customer service number don't know when it'll be done.

Anyone have experience of this?
 
I assume you got your break funding letter from KBC and returned it within the 10 days.

They said it takes 8 weeks but you could make that 9 or 10 weeks given how busy they are with these requests.
 
Mick_D said:
They said it takes 8 weeks but you could make that 9 or 10 weeks given how busy they are with these requests.
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Eight weeks!? That's ridiculous! AIB and Ulster Bank seem to manage to do it in under two weeks.

@TTandTO In this thread, user @Stitcher says:
Stitcher said:
I am in the process of re fixing my KBC mortgage with KBC but have to break to a variable rate briefly then refix for 3 years
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Stitcher said:
Have done it twice already and process takes about a month.
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That was back at the end of May. I guess they are much slower now.

Have KBC told you that you have to go through this convoluted process (break out of your fixed rate, go on to a variable rate briefly, and then re-fix)?
 
Paul F said:
Eight weeks!? That's ridiculous! AIB and Ulster Bank seem to manage to do it in under two weeks.

@TTandTO In this thread, user @Stitcher says:



That was back at the end of May. I guess they are much slower now.

Have KBC told you that you have to go through this convoluted process (break out of your fixed rate, go on to a variable rate briefly, and then re-fix)?
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Yes,

1. request break letter, zero break fee, must be signed and emailed to customer service within 10 days of the date on the letter.
2. desktop valuation as I’m moving LTV rate (80€ To approved valuer),
3. complete refix application.

I was told that variable will be automatically applied once you break out of any fixed rate.
But hopefully break out and refix will be the same day.
 
I think their deadline was July 9th (refusing all refix applications after that AFAIK). Also, one rep told me that they would just add the break fee onto the mortgage but that isn't true - I've been overpaying every month so they took it from that payment instead. I rang them and they told me all was in order but I haven't heard anything since I applied end June
 
Paul F said:
@Seaniemed Do you remember where you heard or read this? Are you sure you're not thinking of when they stopped accepting new mortgage customers after 15 July?
www.kbc.ie

KBC Ireland

KBC Ireland
www.kbc.ie www.kbc.ie
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I was told this by the customer care rep. I can't remember the specifics, but he said "your paperwork is all in before the deadline" and the deadline had no bearing on the 10 day limit.

e.g. I applied 18th june, told my overpayment was on 28th June which just met the 10 day deadline, and then "oh you're in before the deadline of July x" when I rang at the end of July. I presumed it meant they weren't accepting refixing requests.

Happy to stand corrected
 
Seaniemed said:
I think their deadline was July 9th (refusing all refix applications after that AFAIK). Also, one rep told me that they would just add the break fee onto the mortgage but that isn't true - I've been overpaying every month so they took it from that payment instead. I rang them and they told me all was in order but I haven't heard anything since I applied end June
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That was new business/ new business from current customers.

Current customers will be able to refix / change rates / overpay right to the end.
 
peemac said:
That was new business/ new business from current customers.

Current customers will be able to refix / change rates / overpay right to the end.
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Yeah I do still think a break and re fix is being treated as new business. I'd like to hear from someone who is refixing now
 
Seaniemed said:
Yeah I do still think a break and re fix is being treated as new business. I'd like to hear from someone who is refixing now
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It's not. New business is new lending. Making a change to the rate on the account you have is not new lending.
 
Thinking of breaking and refixing before kbc closes. 4 years left on 5 year fixed of 2.4. Just wondering if there's a chance I could get put on a variable rate and get stuck on this if they close before I refix?
 
AJ1 said:
Thinking of breaking and refixing before kbc closes. 4 years left on 5 year fixed of 2.4. Just wondering if there's a chance I could get put on a variable rate and get stuck on this if they close before I refix?
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In a post earlier in this thread, user @TTandTO said:
TTandTO said:
I was told that variable will be automatically applied once you break out of any fixed rate.
But hopefully break out and refix will be the same day.
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So if that happens (breaking out and re-fixing occurs on the same day, or at least no more than a few days apart), you would be OK. But I'm not sure if it is guaranteed to happen like that.
 
Hi @TTandTO and @AJ1, how long did your re fix take if you don't mind sharing?

We are awaiting for our valuation in order to re-fix with KBC for a longer term,
I was told by the KBC customer service that any extra amount (variable - selected new fixed rate) we pay during the time of being on variable rate whilst they process our new fixed rate will be refunded, did they apply this for you as I couldn't get them to confirm this in writting but they said that this info is in the bounce back email you received when re fixing ?
 
Can you pay a sum off the balance before refixing with KBC (or any bank for that matter)?

Eg. Want to start the refix process with KBC and ideally I'd pay €5000 off the balance to reduce the ltv rate before refixing.
I've done this before when switching mortgages but is it possible on a refix?
Or would that technically be an overpayment?
 
I got a letter 2 weeks ago confirming fixed rate after applying mid June... so over 12 weeks in total to confirm in writing.
 
Seaniemed said:
I got a letter 2 weeks ago confirming fixed rate after applying mid June... so over 12 weeks in total to confirm in writing.
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That's bad. AIB and Ulster Bank seem to manage to do it in under two weeks.

KBC could put up their rates in the time that a person is waiting to re-fix, which would mean that they could end up worse off than if they had done nothing (at least in the short term).

And switching to another lender seems to take an average of about 12 weeks, so KBC's slowness makes the "Re-fix or switch lender?" question extra-difficult for people.
 
KBC seem to have got their act together with regards to the length of time it takes to re-fix. I received my break letter on 4th Oct, emailed
it back straight away with the other form to re-fix and received the confirmation letter today so just under a month in total. We were already at the lowest LTV rate so that might have sped things slightly.

We went with 10 year rate at 2.85%.
 
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