MSE News: Bank of Ireland to raise mortgage SVR

Former_MSE_Helen · 7 March 2012 at 4:40PM

This is the discussion thread for the following MSE News Story:

"Bank of Ireland will become the latest mortgage lender to raise is standard variable mortgage rate, it announced today ..."

Read the full story:
Bank of Ireland to raise mortgage SVR

gavison79 · 7 March 2012 at 5:22PM

Do you know if old Bristol & West customers will be effected by this rise?

Cheers

Gav

poolprouk · 7 March 2012 at 5:24PM

gavison79 wrote: »

Do you know if old Bristol & West customers will be effected by this rise?

Cheers

Gav

Yes Gav, wife just rang me after letter dropped through the letter box. We were B&W and are affected.

I am FURIOUS:mad:

gavison79 · 7 March 2012 at 5:28PM

This is a disgrace! Something should be done and fast! Talk about kicking people when they're down!!!

betmunch · 7 March 2012 at 5:28PM

It will affect any account on the SVR, I dont believe how old the account is will make a difference.

Get out your documents and check what it says about your rate and when they change.

betmunch · 7 March 2012 at 5:31PM

poolprouk wrote: »

Yes Gav, wife just rang me after letter dropped through the letter box. We were B&W and are affected.

I am FURIOUS:mad:

I'm afraid thats the risk you run with a Variable rate controlled by the lender.

Are you in a position to jump ship?

blacksta · 7 March 2012 at 5:38PM

Who else is going to follow

poolprouk · 7 March 2012 at 5:38PM

betmunch wrote: »

I'm afraid thats the risk you run with a Variable rate controlled by the lender.

Are you in a position to jump ship?

True but I felt safe that they would stick to their commitment to keep my SVR at 2.49% above the BofE rate as they stuck to it when the other banks didn't when rates first plummeted.

My L2V is fairly high prob 86% and i was about to ask them for permission to let as i'm likely to move abroad at some point this year but getting a Buy to let mortgage is tough with such a high L2V.

If i transfer now to a residential elsewhere then i might not be with my new lender long enough for them to have sufficient confidence to allow me permission to let or they might not allow it all. Hence why i declined BofI's offer of a transfer on a reasonable deal to first direct last month because first direct rarely give permission to let.

I will be reading my t's and C's tonight and will report back here on what they are.

DannyboyMidlands · 7 March 2012 at 5:42PM

I don't get all the anger here. SVR's are variable and now they are varying. What's the big deal? If you want a fixed rate, get one. If you want a base rate tracker, get one of those.