Will he be not liable for selling me wrong information and not having my best interest at hand. Brokers have themselves insured or if he wants to challenge kbc to say he didn't receive any info on stopping the info on the flyer.why should I be the one to lose out because of their greed.Whats the point in going after the broker? what will that do?
Can I suggest you remove the person's name from the post as its not 'personal'. This is a public forum after all !A Mxx Dxxx from kbc signed it off in my brokers office on 14 02 08.
So either I follow the Broker or kbc. My broker was not looking out for me and kbc wanted my money.
Will he be not liable for selling me wrong information and not having my best interest at hand.
My broker was not looking out for me
I remember my wife asking him what the rate would we be on after our fixed ratr was up and he said you will revert to a tracker.
And this would be a real issue in a lot of casesin my case the broker is gone out of business
And this would be a real issue in a lot of cases
The other big question is it was unlikely there was collusion between independent brokers on this, so if they all done the same thing - maybe the problem was further back in the chain.
The interesting thing would be if a case was brought against a broker, would they swallow the hit on their insurance or try to counter-sue KBC ? This would be a real test for whether the broker things they were misled by KBC or the ones doing the misleading in the interests of commission.
Yes that's true, but I also thought when I was signing my contract that I was rolling on to a tracker. If kbc pulled the flyer in Feb 11 and kbc signed off my loan on the 14th but never told me my application was invalid then their wrong and yes I am annoyed and frustrated due to the fact I know what I was told 10 years ago. At this moment kbc still haven't formally told me my account is not impacted, which i have requested twice. I am confident that if it goes to the Ombudsman they will find the dates of sign off and application need answering.Not to be pedantic about it again, but you wanted the KBC money to buy the house
Thought this might be the case, but wonder is there anything else you could explore here in terms of commercial relationships. Probably a long shot to be honestAny case against any Broker, would be based on negligence. Negligence would have a statute of limitations period of six years so any claim against a broker would be pointless at this stage.
Absolutely no disagreement in the fact you thought you were signing a contract to roll onto a tracker. However, the contract does not state this and this is where the issue is. You were misled/misunderstood somewhere along the way but the mortgage contact does not state tracker anywhere - or ECB + offset anywhere.Yes that's true, but I also thought when I was signing my contract that I was rolling on to a tracker.
Who was present when KBC signed the loan agreement? I assume it was the broker and the KBC person? Who discussed with the KBC representative that you understood you were rolling onto a tracker? I am assuming no one. Your application was not invalid from a KBC point of view. They had no way to know that you expressly stated you wanted a tracker - you had applied for a fixed term at this stage.If kbc pulled the flyer in Feb 11 and kbc signed off my loan on the 14th but never told me my application was invalid then their wrong
By the broker only. My understanding is no one from KBC ever said you would go onto a tracker, and the broker has no correspondence from KBC that you would be going onto a tracker. They told you something which has turned out to be untrue and to be fair to KBC I cannot see how this is their fault. Have you any evidence/proof or even confirmation from the broker that he even mentioned rolling onto a tracker with KBC at the time?yes I am annoyed and frustrated due to the fact I know what I was told 10 years ago
I think it is likely that KBC are still reviewing the cases around the fringes of the flyer dates.At this moment kbc still haven't formally told me my account is not impacted, which i have requested twice.
I was not exposed to mortgage application process for brokers towards the end of the Celtic Tiger and whether it was common place to approve a mortgage before the application was made. I am sure that given it is around the fringes of the dates in question, there is a chance there is something to be discussed. It all depends on how strict a line KBC hold on the dates in question.I am confident that if it goes to the Ombudsman they will find the dates of sign off and application need answering.
And I think this is where @peemac is correct and the broker misread the latest communication or did not understand it. I struggle to see how any broker would not be clear to a client when they explicitly discussed rolling onto a tracker if they understood what the communication said - UNLESS they felt they had already earned the commission and did not want to risk it.I suspect that it wasn't a "withdrawal" of the flyer but a new communication regarding mortgages and rates that supercedes all prevous communications.
On My loan offer letter its says when my fixed term expires I would roll on to iibs Home loans renewal rate/ prevailing variable rate which I understood was a tracker, so to say "tracker" was not stated on my contract isn't entirely accurate.However, the contract does not state this and this is where the issue is. You were misled/misunderstood somewhere along the way but the mortgage contact does not state tracker anywhere - or ECB + offset anywhere.
Not to be pedantic here again (I really sound like I am working for the bank at this stage), but while you UNDERSTOOD this to be a tracker, the word tracker is not mentioned in this line whatsoever. There is also no mention of ECB and no offset against it.On My loan offer letter its says when my fixed term expires I would roll on to iibs Home loans renewal rate/ prevailing variable rate
Gnf , I had a look over my application again this morning and on the section of " your mortgage type,rate and term details"would read that line to say that when your fixed term expires you will be put onto the default variable rate the bank have on the expiry date. I know others will disagree with me on this and how I read prevailing - but this is how I read it. The "doctors differ and patients die" saying comes to mind.
No sorry. You may have discussions with the broker about a tracker, but you were not sold a tracker by KBC. You were sold a fixed rate mortgage rolling onto default rates.The latter I was sold.
Anyone who started on a fixed in the period of time was meant to roll over to a "tracker", like the 650 cohort of people who went before me. Alot of the 650 private dwelling cohort wouldn't had "tracker" stated on their contract either.You may have discussions with the broker about a tracker, but you were not sold a tracker by KBC. You were sold a fixed rate mortgage rolling onto default rates.
Because I was fixed for 2 years and to rollover to a "tracker" like the flyer stated.cannot see how KBC was to know you expected a tracker rate once the fixed period expired. All they can see is you applied for a fixed rate for 2 years.
Absolutely - but KBC have conceded that those between certain dates who did not have a tracker listed on the mortgage documentation were to be given a tracker because of this infamous flyer. KBC deem roughly 650 people to be impacted by this. KBC state that they withdrew the statements on the flyer via an update to brokers on 11th February 2008. I have no idea what this update was, but it appears to be sufficient to convince the central bank it is reasonable. It has said at the Oireachtas committee it will look at individual cases on the fringes.Anyone who started on a fixed in the period of time was meant to roll over to a "tracker", like the 650 cohort of people who went before me. Alot of the 650 private dwelling cohort wouldn't had "tracker" stated on their contract either.