Bank of Ireland tracker mortgage % increase

rate_hike

Seeing that some of those who got off, seemingly they got letters before 1st May saying they are exempt from the increase, surly one of those would of anounced it to others on here. Makes you wonder if these accounts actually exist ? (do they have to prove to the regulaters that they do ?)
How does having an active flexible account change the T&C within,they must of had 6(m) clause in them as they would,nt of been affected in the first place?
They say these account are ones where you can make extra payments & borrow more which they class as being active.
In that case is,nt having a repayment classed as extra payments as your paying of the interest.
On my accounts I can & have taken out further advances, I can also make extra payment if i wish is,nt that the case with most mortgage accounts if so we have a flexible account ?

JimmyTheWig

BR_Landlord wrote: »

rate hike
thank you for pointing out the press release from BofI. However, I have dark thoughts... looks to me like Bof I have identified two categories of borrowers where there is some sort of evidence that would overturn their actions if taken to court, or investigated by the OFT (such as sending out a particular letter in the one case) and in taking those borrowers out of the rate hike, the BofI are more likely to be able to keep the rest locked into the contract clause.
It also throws down some bones for the various Financial watchdogs who can say they have got a result in the name of fairness etc.
Am I the only one who sees the 1200 let offs as a bone throwing exercise?

I think you are right that they have identified these categories as those which would have been overturned if it went to court and so settled them now.
But I don't think that if the court agreed it shouldn't be applied to these two groups that the court would have let everyone off, so no I don't see this as anything sinister or bone throwing.

Fairly recently, someone on here said that the 118 case was dealing with people in three groups. I wonder if these were two of the three groups, with the third group being everyone else?

rate_hike

The three groups was what consumer catgory you come under nothing to do with this uturn

hopeful_fred

If you had a fixed rate mortgage that reverted to the variable rate after the end of the fixed period you will have been sent a letter by the bank at the time which clearly states that the differential is set for the term of the mortgage. They don't accept that this changes the original terms of the contract (which of course it does) but have decided not to increase the rate. It's a legal cop out, but you get the right result. So if you had a fixed rate and then reverted to the 1% differential and you haven't kept the original letter, get them to send it to you.

rate_hike

Hopefull Fred
A very high percentage of us did come of a fixed rate to a differential its all in the offer of loan we recieved from B&W

hopeful_fred

That's what the bank says. But when you came off the fixed rate they may have also sent you a letter which says the differential is fixed for the term of the mortgage. This in effect amends the terms of the original mortgage contract. If you have the subsequent letter, they won't admit it changes the terms, but will admit that it is not clear and will keep the differential at 1%.

rate_hike

See what you mean,have,nt got such letter would,nt think Bank would admit there was one if I have to ask for a copy ?

Darrell_G

Ive not had, seen or heard of anyone thats actually got this letter yet on here or the 118 forum. Has anyone actually received it yet?

BTW - Well done those who do get the increase reversed & as a previous comment, hope to be there with you soon.

JimmyTheWig

rate_hike wrote: »

See what you mean,have,nt got such letter would,nt think Bank would admit there was one if I have to ask for a copy ?

Are you saying you might have had a letter and lost it?
In which case you'll be one of the 1200 and will get the reduction automatically. Probably the best thing would be to keep quiet rather than admit that you don't have it if they think you do.

If you don't have such a letter and the bank don't think they sent you such a letter then I think it's likely that you didn't receive one.

Darrell_G

Ive not had, seen or heard of anyone thats actually got this letter yet on here or the 118 forum. Has anyone actually received it yet?

BTW - Well done those who do get the increase reversed & as a previous comment, hope to be there with you soon.