Bank of Ireland rate increase scandal

DevCoder

Holly Hobby has probably stated the best advice with the information to date.

Thrugelmir

alanq wrote: »

Skipton changed the terms on its tracker mortgages citing “exceptional circumstances” back in 2010. There were reports of a threat of a legal challenge to the change but I am unaware of the outcome of any such challenge.

Never was challenged. Leon Kaye solicitors attempted to raise a fighting fund. In order to mount a challenge in the High Court. In the end petered out totally. No doubt because Skiptons financial position was so poor. That chances of a successful outcome were nil. Besides which the FSA would have been consulted prior to raising rates.

holly_hobby

Exactly T. - it is incredibly frustrating for those affected by such a change, nevertheless given the alternative (ie - lender fails, with the mge book sold to another provider/finance house, whom could operate an even higher (than the market average) SVR/BRM), so it could well be the lesser of 2 evils.

My sorrow with the OPs post, is the financial mess the economy is still in, which has ultimately led to the industry having to consider (and in some cases), implement such drastic clauses for their survival - with brighter days on the horizon for all I hope.

H x