Bank of Ireland: How to jump ship?

englishdesi

Those of you who like me have been shafted by BOI. I had a chat with my solicitor this morning and he said the massive steep increase in the SVR goes against the 'fairness to consumers' principle of the FSA and advised me to lodge a complaint as arguably they are not treating their customers fairly by shoving up the rate so much to force them off their books.

I am going to lodge a complaint over the next few days and I suggest you all do the same

MissMoneypenny

The_J wrote: »

What multiple of the average wage were mortgages in 1990? Under 3! What is it now? Over 5.5!

I had a 5.5 wage multiple for my first house that I bought in 1980 as a single girl and a 5% interest rate.

I was very lucky as I worked for a bank and got a nice reduced interest rate of 5% instead of the 12%(?) everyone else was having to pay. It would have been 3%, but the womens equal rights had just come in and the women had their rate raised to the same interest rate the male staff had.:sad:

Thrugelmir

englishdesi wrote: »

Those of you who like me have been shafted by BOI. I had a chat with my solicitor this morning and he said the massive steep increase in the SVR goes against the 'fairness to consumers' principle of the FSA and advised me to lodge a complaint as arguably they are not treating their customers fairly by shoving up the rate so much to force them off their books.

I am going to lodge a complaint over the next few days and I suggest you all do the same

Suggest you don't waste your money on legal fees but repay the mortgage instead.

Banks are ultimately run under the Banking Acts not consumer principles. So the FSA won't be interested.

kingstreet

englishdesi wrote: »

Those of you who like me have been shafted by BOI. I had a chat with my solicitor this morning and he said the massive steep increase in the SVR goes against the 'fairness to consumers' principle of the FSA and advised me to lodge a complaint as arguably they are not treating their customers fairly by shoving up the rate so much to force them off their books.

I am going to lodge a complaint over the next few days and I suggest you all do the same

These are the six required outcomes of the FSA's treating customers fairly policy. I'm not sure there's any one which applies to the current situation;-

Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

http://www.fsa.gov.uk/doing/regulated/tcf

jaysb

As one of the many B&W mortgages that BOI recently sold off to TMW - and was then told by the TMW that my rate was going up by a similar amount, then I can understand why some feel angry

BOI appear not to want the mortgages and I guess a fair few will like me remortgage elsewhere.

The ones who will lose out will be those whose circumstances mean they can't remortgage and so will suffer the SVR hike.

Thrugelmir

jaysb wrote: »

The ones who will lose out will be those whose circumstances mean they can't remortgage and so will suffer the SVR hike.

Remortgage where? The rate isn't out of line .

ProperBo

i seen a mortgage broker today as i'm going to leave BOI, he suggested going for the best fixed rate over 2 years instead of a tracker in the current climate of svr rate rises. i'm going to shop around some more and get more advice. anyone on here had broker advice they would like to share or just their own thoughts on what to do in this situation, thanks

Thrugelmir

jjbell7 wrote: »

i seen a mortgage broker today as i'm going to leave BOI, he suggested going for the best fixed rate over 2 years

And the follow on SVR after the fixed term has ended?

ProperBo

i just popped in unannounced on recommendation. i was only sat there ten minutes as i had to get back to work. no follow on svr was mentioned. should i check if there are exit fees? then can i just change again depending on the market at the end of the two years, sorry for my ignorance in these matters as i'm not bad with finance but i've got a lot to learn and limited time to sort a new deal out, thanks

Thrugelmir

jjbell7 wrote: »

but i've got a lot to learn and limited time to sort a new deal out, thanks

Don't rush. The market is in a state of flux as the big players are realigning their rates. Expect others to follow. So see what changes over the next few weeks.