MSE News: Bank of Ireland to raise mortgage SVR

Thrugelmir

ogriboy wrote: »

Thrugelmir Your Mantra maybe to lean back and take it, its not my style to be ripped off, but its certainly why nothing gets done to promote even handedness.

Unsure why you feel ripped off. As 4.75% isn't an excessive rate in the current market.

ogriboy

No on that we agree. But its the fact that all other offers are removed by the lender which causes the resentment so you have no option but to move or put up with it. This despite a sound record no defaults with the lender for 8 years and not two years ago happy to throw offers at us LR&C.Coventry are prepared to fix at 2.75 over five and they dont even know me hers see. watch the offer change once I secure this move hopefully. I will keep you posted.

dan_mustard

DannyboyMidlands wrote: »

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.

You would be correct if it were just SRV's. I have 3 buy to let's all on lifetime base rate trackers and these rates are all increasing by more than double.

Thrugelmir

dan_mustard wrote: »

You would be correct if it were just SRV's. I have 3 buy to let's all on lifetime base rate trackers and these rates are all increasing by more than double.

That's the nature of running a business. Build reserves in the good times.

ogriboy

Further to my last posts I can now update. I have successfully moved my BTL bank of Ireland mortgage with 4 years remaining to new lender on fixed for 5 years and extended to 15 overall so time to clear or sell. Rate at 2.47 for 5 years svr thereafter no penalties no repayment charges no set up fees. Strangely all organised by bank of Ireland . Now to sort out the Santander extortion on the other one.

ogriboy

Just to add for all the doubters and doom mongers out there this was an interest only mortgage. To those struggling Keep trying they are out there, do not always believe your ifa they often have there own agenda!

kingstreet

What was interest-only? The BTL?

BTL products are still regularly available on interest-only, as that is the tax-efficient method for businesses.

Interest-only with no repayment vehicle for residential mortgages is the problem area where some lenders won't lend at all and others have LTV restricted to 50%.

ogriboy

Hi kings street . Yes correct and just in the nick of time as BOI raised the differential rate on existing agreements by 1.75 on BTL customers who apparently have to take the hit in one go. Lets hope that's the signal for all of us to renege on our agreements!!

ihateboi

I had a specialist property barister friend of mine draft a great letter with a really strong argument

if you want some advice contact [EMAIL="steven.woolf@hardwicke.co.uk"]steven.woolf@hardwicke.co.uk[/EMAIL]

leveller2911

ihateboi wrote: »

I had a specialist property barister friend of mine draft a great letter with a really strong argument

if you want some advice contact

Spam reported...........:spam: