KBC raising fixed rate: not apply to existing fixed-rate customers for rest of term.

[ajapale]

As revealed in the Irish Independent yesterday, KBC Bank Ireland has confirmed that it is to increase its mortgage rates for new and existing customers.


The bank said it would increase its standard variable mortgage rate for owner occupiers from 3.24pc to 3.65pc from May 1. For investors, the standard variable rate will increase from 4.29pc to 4.5pc.


The bank is also bringing in a discounted variable rate for new home buyers, which will be 3.1pc for the first two years of the mortgage term.


KBC is also raising some of its fixed rates from Monday, but it says this will not apply to existing fixed-rate customers for the rest of their term.

Surely they mean for the duration of fixed rate and not the term of the mortgage?

 

[desperatedan]

The links embedded in the quote do not bring me anywhere useful!!

Irish Independent link points to this URL:

[broken link removed]

Also, the KBC Bank Ireland link brings one here:

[broken link removed]

Really not very useful.

Just on a layperson's reading of the the text bolded in the quote:

for the rest of their term

Would a common sense reading not indicate their term as referring to their fixed-rate term,without this needing to be specifically stated?

 

[Brendan Burgess]

Hi AJ

The statement makes no sense. They don't need to say that a fixed rate is not being increased for exisiting customers.

It's a bit like a bank saying "We won't be increasing rates for tracker mortgages as the ECB rate has not gone up" . It's unnecessary.

Brendan

 

[desperatedan]

OK, found the Indo article, by Charlie Weston

Here it is

It does make no sense, but I suspect the pen of Charlie!!

Makes a bit of a contrast to what RTE had to say, about the very same KBC announcement.

Reads slightly different:

KBC will raise some of its fixed rates from 19 April, but it says these will not apply to existing fixed rate customers for the rest of their current term.

Spot the difference