Important Customer Notice - Mortgages - Updated 24th May 2022

KBC Bank Ireland would like to draw your attention to some important information

You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement.

New Customers

We are open for business and processing new Mortgage applications as normal. You can continue to proceed with your Mortgage application through any KBC channel or your Mortgage Broker.  Should a Binding Agreement with Bank of Ireland receive ministerial approval, your Loan offer or Mortgage will transfer to Bank of Ireland at a future date.

Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes. 

Depending on what stage you are at on your Mortgage journey (Approval in Principle, Loan Offer) we understand you may have questions and we have included some frequently asked questions below.


Existing Customers

For now, you do not need to take any action. There is no immediate impact on your Mortgage account as a result of this announcement. Should a Binding Agreement with Bank Of Ireland receive ministerial approval, your mortgage will transfer to Bank of Ireland at a future date.

Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

We've put together some frequently asked questions for you:

If you have a question about applying for a new Mortgage or have already applied for a new Mortgage with KBC that is currently being processed, please refer to the New Customer queries section below.

Exsting Customer FAQs

  • For now, you do not need to take any action. There is no immediate impact on your Mortgage as a result of this announcement. Subject to ministerial approval, your Mortgage will transfer to Bank of Ireland at a future date, should your account be transferred, they may update your terms and conditions.

    Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

  • Yes, you keep your fixed rate for the fixed rate period. There is no impact on your fixed rate as a result of this announcement. You will at all times continue to be afforded all the relevant legal and regulatory protections.
  • There is no need to take any immediate action as a result of this announcement. Prior to your fixed rate expiring, as per the existing process, you will receive a letter from KBC which will set out the options available to you at the end of your fixed rate period. 
  • There is no immediate impact as a result of the announcement. Your existing terms and conditions are not impacted. Variable rate customers can make overpayments as you wish.

    For fixed rate customers you can pay up to 10% of the amount of your Mortgage  as of the date the Mortgage rate was fixed without incurring a break funding fee. If your mortgage balance is split into variable and fixed rates then it will be the balance on your fixed portion.

    If you exceed the 10% amount you may incur a break funding fee on the amount over 10% that you repay.
  • Yes, should you wish to switch your Mortgage you can do so by engaging with your lender of choice. You can also visit the Competition and Consumer Protection Commission's website for more information (Switching your mortgage? review your options - CCPC Consumers).  

    Please note, if you are a Fixed Rate customer you may be required to pay a break funding fee if you switch providers during your fixed rate period. Variable rate customers do not have to pay a break funding fee. For further information please contact us on 1800 93 92 44. 

  • You will keep your current fixed rate and your current fixed rate period whether the Mortgage remains with KBC or whether the Mortgage transfers to Bank of Ireland.

    Prior to your fixed rate expiring, as per the existing process and regulatory requirements, you will receive a letter from your Mortgage provider at least 60 days prior to the expiry of your fixed term which will clearly outline the roll off options available to you and how this change could impact your repayments at the end of your fixed rate period.
  • Should you wish to switch your Mortgage, you can do so by engaging with your lender of choice. You can also visit the Competition and Consumer Protection Commission's website for more information (Switching your mortgage? review your options - CCPC Consumers).  

    Please note, if you are a Fixed Rate customer you may be required to pay a break funding fee if you switch providers during your fixed rate period. Variable rate customers do not have to pay a break funding fee.  For further information please contact us on 1800 93 92 44. 

  • Yes, you can apply for a Top Up as per the normal process, which is subject to lending criteria, terms and conditions.

    All approvals in principle (AIPs) issued from 1 February 2022 will expire after 4 months. If you applied before the 1 February 2022 your AIP remains valid until the expiry date set out in your AIP. There may be future changes to the AIP expiry period.

    An AIP enables you to determine how much money you can borrow but you should remember it is not a formal Loan Offer.

  • In the event that your Mortgage is transferred to Bank of Ireland, your rate and corresponding term will transfer with you. 
  • There is no immediate impact on your Mortgage account as a result of this announcement. Should a Binding Agreement with Bank Of Ireland receive regulatory approval, your mortgage will transfer to Bank of Ireland at a future date.

    Should your account be transferred, your new provider may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.
    • There is no immediate impact on your KBC Mortgage discount as a result of this announcement. Should a Binding Agreement with Bank of Ireland receive ministerial approval, your KBC Mortgage will transfer to Bank of Ireland at a future date .

      Current Account closure notices will start to issue to customers from 1st June on a phased basis. The closure notices will issue over a number of months into early 2023 until all customers have been contacted. KBC Mortgage customers will not receive their closure notification until at least September 2022.

      Once you have received your Current Account closure notice, you will then have six months’ to switch or close your account. You will continue to be afforded all of the relevant legal and regulatory protections.

      If your Mortgage transfers to Bank of Ireland, your Mortgage discount will continue to be honoured for as long as your Mortgage remains with Bank of Ireland. You will not be required to open a Bank of Ireland Current Account to avail of the discount. 

      From the 1st of June 2022, if do you close your KBC Current Account your Mortgage Discount will be honoured by KBC Bank Ireland and by Bank of Ireland once your mortgage transfers. In the meantime, you should continue to adhere to the KBC conditions associated with the discount i.e. continue to have your salary mandated to your KBC Current Account.

      For more information on your Current Account click here Important Information - Current Accounts - KBC

  • KBC will commence a process  of engaging with customers regarding the closure of current accounts from June 1st. You are not required to take any actions until you have been contacted by us. Formal closure notices will issue to customers from 1st June on a phased basis, a process that will continue until all customers have been contacted. Upon receipt of the closure notices, you will have 90 days to switch or close your account.

    From the 1st June 2022 you will be able to close your KBC Current Account and your Mortgage Discount will be honoured by KBC Bank Ireland and by Bank of Ireland once your mortgage transfers. In the meantime, you should continue to adhere to the KBC conditions associated with the discount i.e. continue to have your salary mandated to your KBC Current Account.

    You will be notified well in advance of any actual steps or changes that may be taken in respect of your Mortgage.

New Customer FAQs

  • We are open for business and processing new Mortgage applications as normal. Therefore, you can continue to proceed with your Mortgage application through any KBC channel or your Mortgage Broker. 

    All approvals in principle (AIPs) issued from 1 February 2022 will expire after 4 months. If you applied before the 1 February 2022 your AIP remains valid until the expiry date set out in your AIP. There may be future changes to the AIP expiry period.

    Should the Binding Agreement between KBC Bank and Bank of Ireland receive ministerial approval, it may be necessary for KBC to make further amendments to our AIP.  We will continue to keep these FAQs up to date with any new information.

  • If you have received an approved Loan offer and you have signed and returned the Loan offer to KBC, this means there is a contract in place between you and KBC. The terms and conditions of this contract will be honoured by KBC.

    Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    If you have not yet signed and returned your loan offer and you wish to proceed with your loan, you should review the terms of your offer letter and ensure you accept the offer within the timeframe set out in the letter.

    As always, updated financial information will be required prior to drawdown of your Loan. This is to ensure your circumstances have not changed since application. Where your signed and returned loan offer includes a cash contribution towards professional fees, this will be honoured as part of the contract.

  • Should a Binding Agreement with Bank Of Ireland receive ministerial approval, your Mortgage will transfer to Bank of Ireland.

    Should your account be transferred, Bank of Ireland may update your terms and conditions. Any changes to your terms and conditions must be made in line with all regulatory and contractual obligations, including providing you with sufficient notice of these changes.  

    When there are further updates we will write to you with any additional information  and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

  • No, Current Account closure notices will start to issue to customers from 1st June on a phased basis. The closure notices will issue over a number of months into early 2023 until all customers have been contacted. KBC mortgage customers will not receive their closure notification until at least September 2022.

    From the 1st of June 2022, if  you decide to close your KBC Current Account your Mortgage Discount will be honored by KBC Bank Ireland and by Bank of Ireland should your mortgage transfer to Bank of Ireland if the Binding Agreement receives ministerial approval. In the meantime, you should continue to adhere to the KBC conditions associated with the discount i.e. continue to have your salary mandated to your KBC Current Account.
  • Our current switcher offer is available if you apply to switch your Mortgage on or 30th June 2022. There are no changes to this offer at this time. You can find more information about the existing offer and eligibility criteria here.

  • Our current First Time Buyer and Mover contribution is available if you apply for your Mortgage on or before 30th June 2022 . There are no changes to this offer at this time. You can find more information about the existing offer and eligibility criteria here.