MSE News: Bank of Ireland to raise mortgage SVR

Thrugelmir

suburbanwifey wrote: »

The BOE has kept rates historically low to supposedly help all out there with big mortgages, so warding off reposessions as much as possible.

Not sure where you got that idea from. Couldn't be further from the truth.

The_J

char_student wrote: »

Oh know! We have just taken out a mortgage (well almost, complete next week) with Post Office. 3 years fixed - LUCKILY!!!

You know that Post Office are funded by the Bank of Ireland?

The only people who can feel aggrieved by this rise are people who didn't vote for Labour in the past 17 years but a part of me also thinks that you have had it good for a while, much better than others, so you've actually been "saving" money for the last 2/3 years.

Skoorb

If you are on any standard variable rate mortgage (which everyone affected by this is), or you don't know what type of mortgage you have or how it works you should really have a read of the Remortgaging Guide at http://www.moneysavingexpert.com/mortgages/remortgage-guide to see if you can get a cheaper deal. :money:

amjustagirl

The_J wrote: »

You know that Post Office are funded by the Bank of Ireland?

The only people who can feel aggrieved by this rise are people who didn't vote for Labour in the past 17 years but a part of me also thinks that you have had it good for a while, much better than others, so you've actually been "saving" money for the last 2/3 years.

The increase does not affect Post Office borrowers, whose home loans are funded by Bank of Ireland. However, some Bristol & West customers are among the 100,000 hit.

The_J

amjustagirl wrote: »

The increase does not affect Post Office borrowers, whose home loans are funded by Bank of Ireland. However, some Bristol & West customers are among the 100,000 hit.

For now.

I don't think people understand that this is just the beginning.

MiserlyMartin

Consumerist wrote: »

So it must be those greedy savers who are to blame. :rotfl:

Yes those greedy savers who lend to the banks to fund all these mortgages. Yes thats really greedy to take only 3% less tax and keep the money in the bank while inflation is hovering around 4%. Savers have been screwed to pay for the reckless by QE and by Mervyn and pals with their 0.5% base rate.

MiserlyMartin

gavison79 wrote: »

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

Er... its a standard VARIABLE rate. (That means it could go up)
5% is still historically a cheap rate for a mortgage.

I'm sorry.. people should have allowed for a rate rise when deciding to borrow whatever they did. Good job its not 8% like in 1998, which is still average!

char_student

The_J wrote: »

You know that Post Office are funded by the Bank of Ireland?

The only people who can feel aggrieved by this rise are people who didn't vote for Labour in the past 17 years but a part of me also thinks that you have had it good for a while, much better than others, so you've actually been "saving" money for the last 2/3 years.

Of course I know that PO are funded by Bank Ireland - im saying I am worried by this but luckily we have fixed with them for 3 years. Glad its not hit PO yet but then again I am sure it will. We plan to overpay on mortgage (90% LTV) and then get another fixed rate in 3 yrs time

The_J

char_student wrote: »

Of course I know that PO are funded by Bank Ireland - im saying I am worried by this but luckily we have fixed with them for 3 years. Glad its not hit PO yet but then again I am sure it will. We plan to overpay on mortgage (90% LTV) and then get another fixed rate in 3 yrs time

Good! Please remember to do that, you will save yourself a lot of money in the long run by doing so.

char_student

Oh on PO website it now says

Thank you for visiting the Post Office® Mortgage Repayment Calculator, unfortunately our calculator is currently being updated with our new range.

In the meantime, to find out how much you monthly repayment would be you can use our online application system to generate a full illustration. Alternatively, you could call us on 0800 707 6206* to speak to one of our mortgage specialists who would be happy to help. Our lines are open 8.30am to 7.30pm weekdays and 9.30am to 1.30pm on Saturdays, we are not open on Sundays.

*Please note calls may be monitored and recorded for training and quality purposes

This is on their repayment calc. This was down the other week then the rates went UP