Many thanks. It’s more the timeframe being 2006. They only had 2 options which were fixed or prevailing variable rate which I have read was referring to ‘tracker ‘. Also it is the responsibility of the bank to be clear and concise which I believe the contract isn’t based on the above. Would KBC provide copy of a policy document for that timeframe?“loans at variable rates will experience fluctuation reflecting interest rate changes”
To me this reads as variable rates can change reflecting the banks cost of funds and does not indicate a tracker.
Second point just related to a fixed break cost, noting to do with a tracker.
Hi, I am hoping someone can help shed some light on this for me. My husband & I took out a mortgage with IIB Homeloans in late 2006 via One Life Brokers ( no longer in existence). The contract was fixed for 36 months and the product was ‘ Flexi Annuity’. It states on the loan that after the end of the fixed term ‘ the prevailing variable rate’ will apply. First off I can’t find any policy booklet for this year outlining the product ‘ flexi annuity’ and no where can I find the definition of a ‘prevailing rate’ at this time. In addition it states ’loans at variable rates will experience fluctuation reflecting interest rate changes’ , to me this quote reads as a tracker.
There is also a point in the agreement stating ‘if during the fixed rate period the applicant fully or partially redeem the advance or convert it to variable interest rate or another fixed rate loan, a break funding fee will apply’
This also reads to me that the prevailing rate is deemed a tracker,
Do you think I have any case here?
“loans at variable rates will experience fluctuation reflecting interest rate changes”
To me this reads as variable rates can change reflecting the banks cost of funds and does not indicate a tracker.
Hi, I am hoping someone can help shed some light on this for me. My husband & I took out a mortgage with IIB Homeloans in late 2006 via One Life Brokers ( no longer in existence). The contract was fixed for 36 months and the product was ‘ Flexi Annuity’. It states on the loan that after the end of the fixed term ‘ the prevailing variable rate’ will apply. First off I can’t find any policy booklet for this year outlining the product ‘ flexi annuity’ and no where can I find the definition of a ‘prevailing rate’ at this time. In addition it states ’loans at variable rates will experience fluctuation reflecting interest rate changes’ , to me this quote reads as a tracker.
There is also a point in the agreement stating ‘if during the fixed rate period the applicant fully or partially redeem the advance or convert it to variable interest rate or another fixed rate loan, a break funding fee will apply’
This also reads to me that the prevailing rate is deemed a tracker,
Do you think I have any case here?
I think you are really pulling at strings.
Standard variable rate mortgages until 2010 always moved with interest rate changes.
An annuity mortgage is a standard repayment mortgage. It's a standard term as well. Flexi just means that you make extra payments or redeem it without penalty.
If a bank didn't move the rates within a reasonable time frame, then the media would have been writing stories and new business would dry up.
There is nothing in your post that suggests a "tracker".
Broker gave bad advice.
Unless there is something written that gives a specific margin over ecb or says the word tracker, there is no case.
I'm being pragmatic.Still around trying to discourage people PEEMAC.
Unless the original poster has something to indicate in black and white that a tracker forms part of the agreement, they are clutching at straws.
I suffered from kbc's tracker scandal and fought them since 2009 and one of the original posters on the tracker scandal here.
I've gone through contracts word for word, had extensive legal advice including counsel and fought every angle.
Ombudsman 2012. Rejected.Who did you appeal your case to ?
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