Important Customer Notice - Mortgages - Updated 22nd October 2021

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 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.  

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 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.

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  regulatory 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 immediate 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. 
  • 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 (https://www.ccpc.ie/).  

    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 (https://www.ccpc.ie/).  

    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.

    We are open for business, so should you wish to make an application for a Top Up Mortgage or proceed to Approval In Principle (AIP) and then Loan Offer for that Top Up, please contact us through either our Contact Centre, Hubs or your Mortgage Broker.

    An AIP enables you to determine how much money you can borrow when looking for a home but you should remember it is not a formal Loan Offer. An AIP currently lasts up to 6 months.

    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. 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. You can refer to our new customer FAQ for further information.
  • In the event that your Mortgage is transferred to Bank of Ireland, your rate and corresponding term will transfer with you. 
  • Our current switcher offer is available if you apply to switch your Mortgage on or before  31st December 2021. 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 31st December 2021. There are no changes to this offer at this time. You can find more information about the existing offer and eligibility criteria here.

New Customer FAQs

  • 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, 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.  

    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 regulatory approval, your Mortgage will transfer to Bank of Ireland.

    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.