Mortgages Ireland - KBC Homeloans Mortgages Provider Ireland

Consumer Information Guides issued by Financial Regulator, IBF MABS

The Irish Banking Federation (IBF) has developed a website to provide relevant information and guidance to mortgage borrowers who may be experiencing financial difficulties. www.helpinghomeowners.ie

The Financial Regulator, The Irish Banking Federation (IBF) and The Money Advice & Budgeting Services (MABS) have developed various guides and codes which are a useful source of information for consumers. The full details are available on their websites.
www.financialregulator.ie
www.ibf.ie
www.mabs.ie

The following is a summary of the key items:

1. Code of Conduct on Mortgage Arrears - Financial Regulator
The Financial Regulator’s statutory Code of Conduct on Mortgage Arrears came into effect on 27 February 2009. Section 4(d) of the Code came into effect from 17 February 2010 to note the following:- where the arrears situation persists, the lender may reserve the right to enforce the mortgage agreement. However, it must wait at least twelve months from the time arrears first arise before applying to the courts to commence enforcement of any legal action on repossession of a borrower’s primary residence. Click here to view or download

2. Irish Banking Federation Pledge to Homeowners
The Irish Banking Federation (IBF) Pledge to Homeowners provides further reassurance to customers who are facing genuine difficulty with their mortgage repayments on their principal private residence – this is on top of the existing protection provided in the Code of Conduct on Mortgage Arrears. The Pledge makes clear that legal action will not be commenced provided the customer talks with the lender at the earliest opportunity so that a mutually-acceptable arrangement can be agreed, maintained and reviewed thereafter on a six-monthly basis. The pledge is supported by all of the mainstream banks and building societies. Click here to view or download

3. Working Together to Manage Debt - The Consumer Guide to the IBF/MABS Operational Protocol
The IBF/MABS Operational Protocol is about creditors and money advisers working together effectively to help customers / clients to manage debt and, wherever possible, to formulate a mutually acceptable, affordable and sustainable repayment plan. It has been agreed between the Irish Banking Federation
(IBF), the representative body for banks in Ireland, and the Money Advice and Budgeting Service (MABS), the independent, State funded service that advises people in debt or in danger of getting into debt. Click here to view or download

4. Your Guide to Dealing with Mortgage Repayment Difficulties - IBF Consumer Guide
All of the country’s principal mortgage lenders, who are represented by the Irish Banking Federation (IBF), are fully committed to working with borrowers who face genuine difficulties in maintaining their mortgage repayments on their homes because of changed economic circumstances. As part of this commitment
they have developed a guide for customers offering practical guidance to borrowers. KBC Ireland have subscribed to this Protocol. Click here to view or download

5. KBC's "Managing Your Mortgage Borrowings' Guide."
Click here to view or download

Variable rate warning:
The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home. The payment rates on this housing loan may be adjusted by the lender from time to time

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Fixed rate warning:
You may have to pay charges if you pay off your fixed-rate loan early

Interest only warning:
The entire amount that you have borrowed will still be outstanding at the end of the interest-only period

Debt consolidation warning:
This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term

Endowment loan warning:
there is no guarantee that the proceeds of the [Insurance Policy / Pension Policy] will be sufficient to repay the loan in full when it becomes due for repayment

KBC Bank Ireland plc t/a KBC Homeloans is regulated by the Financial Regulator.

Lending criteria Terms and Conditions apply. Security and insurance are required. The maximum mortgage is 80% of the property value. As a general rule, loan amounts are subject to monthly repayments of up to a maximum of 50% of disposable income and will vary according to individual circumstances. A typical variable mortgage rate of €100,000 over 20 years costs €598 per month (APR 3.92%) excluding insurance. The cost of your monthly repayments may increase. A 1% rise will increase this repayment to €652 (APR 4.96%) excluding insurance. This is an increase of €54 per month. Rates quoted above are correct as at 1st September 2010. Please contact KBC Bank to receive more information on charges which may apply to early repayment of fixed loans. For accurate real-time information and rates, please contact KBC directly for specific tailored information to meet your particular requirements. All information, prices and rates quoted in this Guide are for guidance only and do not form any part of a legal contract, agreement or understanding.

Consumer Information Guides issued by Financial Regulator, IBF MABS

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