KBC reduces mortgage rate by 0.2% for current account customers

Thanks Brendan. I just got approval in principle from KBC, so good news, I think? Hopefully switching current accounts would be worth it...unless they increase rates in the near future....
 
KBC have been offering a rate of 3.85% for ltvs of <60%. Anyone know if they will apply this discount to this deal?
 
I cannot find ny details on this on their website. Does anyone has the conditions to avail the offer?
 
There is information on it in their 'Press & Media' section.

[broken link removed]
 
One obviously needs to factor in the contingent current account fees when calculating if this mortgage offers the best return.

Obviously, over the term of the mortgage, KBC will probably increase the contingent fees.

Also, KBC have publically said they will review their Irish strategy in 2016. If KBC pull out of current accounts in the future the discount could disappear as happened to some Danske customers.
 
DMcL1971 said:
There is information on it in their 'Press & Media' section.

[broken link removed]
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Thanks for this DMcL. Looks like it will be off all their rates.

Not a bad deal - but CiaranT makes a good point about Danske. I have a great tracker with them but right now I wish my tracker was a bit higher, but with a bank that allowed portability.
 
Any idea when KBC is launching their offer? Cannot see anything advertised on their website, beside the press statement that does not contain much details for existing customers
 
I queried this with my broker as we are in the process of buying a house and he said that this was the information he got from KBC:

For customers who draw down from the 5th of August, we will allow them to avail of the discount providing they have fulfilled the offer conditions;

  • Opened a current account with salary mandated
  • KBC mortgage direct debit drawn on same
  • Discount will only be applied once the new offering is launched c. End of August and once the above conditions are met and customers have signed the required rate change letter.

Note: Mortgage customers will draw down on existing rates and will not be able to avail of the current account discount until it is launched and once conditions have been fulfilled.
Further details of the management of customers with existing loan offers who will not have drawn down pre-launch will be made available closer to launch date.
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The information is now on the KBC website [broken link removed] with discounted rates [broken link removed].

Optional Current Account Mortgage Rate Conditions

To avail of the optional extra Mortgage Discounted Rate (KBC’s prevailing new business fixed or variable rate with a discount of 0.20%), you must mandate your salary to your KBC Current Account (In an instance where a customer is self-employed, you must establish a monthly transfer to the Current Account to lodge an amount that is at least equal to the monthly mortgage repayment). You must also pay your new KBC Mortgage by Direct Debit from your KBC Current Account.

If you cease mandating your salary to your KBC Current Account and/or paying your KBC mortgage by Direct Debit from your KBC Current Account, the interest rate on your KBC Mortgage will increase by 0.20% i.e. the discount will no longer apply.

All other terms and conditions applicable to the KBC Current Account and the KBC Residential Mortgages shall continue to apply to the respective products
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