Bank of Ireland tracker mortgage % increase

Graham_Devon

armour wrote: »

You seem almost gleefull that people are being shafted (because that's what it is) by BoI.
Genuine question here;
Would you be happy if EVERY low differential tracker mortgage agreement was ripped up so that house prices would (theretically) fall?
If someone agreed to a lifetime tracker at BBE + X then that's what they should get.

Not gleeful at all.

Just bored by all these "oh, it wasn't my fault, my lucks run out, I didn't prepare. No one told me gambling on interest rates was dangerous....wheres my compensation" type theories.

I know it sounds harsh, but if people took products that they could'nt afford if base rates hit 3%, why on earth were they taking those products?

You appear to want the Irish tax payer to pay the price for people gambling. I don't think that's fair.

For those who have lost jobs etc, I have genuine sympathy, but again, this isn't so much the banks fault, this happens sadly, to many.

Everyone seemingly is looking for someone to blame and someone to take compensation from. Anyone, so long as they don't have to take any responsibility themselves. We have one posters who's decided it's not his fault he's undertaking BTL, not his fault he has this mortgage, not his fault that he won't reduce the price to sell the property, presumably as it's not his fault he can't as he's on an interest only mortgage and has no equity and not his fault for trusting salesmen. It's a racket.

For those who have several mortgages theres even less sympathy. It's pure greed and people have found themselves burned.

250F

brarus20 wrote: »

Just interested why all the new MSE accounts in this thread, and please don't give me the crap that you are all new to MSE. Don't fancy posting this great news with your normal accounts here hey?

Simple really, was happily reading BBC news on my phone, read the BOI article, was then very hacked off, then Googled 'Bank of Ireland mortgage increase', clicked on the MSE link, read thread, thought 'how wonderful', registered and the rest is history

rckl88,
I will post my BoI findings tomorrow after I can hopefully speak to someone who knows.

plimsolls_on

Graham_Devon wrote: »

Not gleeful at all.

Just bored by all these "oh, it wasn't my fault, my lucks run out, I didn't prepare. No one told me gambling on interest rates was dangerous....wheres my compensation" type theories.

I know it sounds harsh, but if people took products that they could'nt afford if base rates hit 3%, why on earth were they taking those products?

You appear to want the Irish tax payer to pay the price for people gambling. I don't think that's fair.

For those who have lost jobs etc, I have genuine sympathy, but again, this isn't so much the banks fault, this happens sadly, to many.

Everyone seemingly is looking for someone to blame and someone to take compensation from. Anyone, so long as they don't have to take any responsibility themselves. We have one posters who's decided it's not his fault he's undertaking BTL, not his fault he has this mortgage, not his fault that he won't reduce the price to sell the property, presumably as it's not his fault he can't as he's on an interest only mortgage and has no equity and not his fault for trusting salesmen. It's a racket.

For those who have several mortgages theres even less sympathy. It's pure greed and people have found themselves burned.

Taking on a lifetime tracker at 1% above BofE base rate is NOT GAMBLING!!! or rather it is gambling on the BofE base rate, not gambling on whether my mortgage supplier is going to whip it out from under me at any given time.

It is buying a legitimate product, from a legitimate mortgage company... and incidentally when I took it on, interest rates were high and I only signed as this was the only mortgage with no redemption or early exit fee which is what I needed at the time.....

Neverland

puregeordie wrote: »

Its not a bad day for all. Can I assume that savers would gain because of this. Also I think other banks would not follow suite in england, otherwise that would open up a big tin of worms!:eek:

So let me...

...a bank changes a contract arbitarily with a borrower...

... is the cash more likely to go to:

a) its savers
b) its shareholders
c) the senior executive bonus scheme

hmm...I think I will chose (c)

ILW

BR_Landlord wrote: »

(Don't be put off the real issue here by the B of I forum moles who are trying to change the nature of the discussion.)
I too noted the deliberate and evasive lack of supporting documentation regarding the relevant legal clauses that they referred to in the letter. BUT HEY! Bank of Ireland charge £15 for sending out a copy of the original Terms and Conditions of your mortgage offer, so you will have to pay to check it out. I think they call that adding injury to insult.

I would suggest you should have checked them out (or got someone with legal knowledge to) before you signed them.

BR_Landlord

The first thing I did was to go online to see what the reaction was to this situation. I have been a LL for 11 years but never joined this forum. I joined up to discuss and share information especially regarding T & Cs upon which this all hinges. Why are you insulting people?

brarus20 wrote: »

Just interested why all the new MSE accounts in this thread, and please don't give me the crap that you are all new to MSE. Don't fancy posting this great news with your normal accounts here hey?

Graham_Devon

plimsolls_on wrote: »

Taking on a lifetime tracker at 1% above BofE base rate is NOT GAMBLING!!! or rather it is gambling on the BofE base rate, not gambling on whether my mortgage supplier is going to whip it out from under me at any given time.

It is buying a legitimate product, from a legitimate mortgage company... and incidentally when I took it on, interest rates were high and I only signed as this was the only mortgage with no redemption or early exit fee which is what I needed at the time.....

It's gambling to those who've said their business as a BTL landlord is no longer viable or they can't afford the increase.

Graham_Devon

BR_Landlord wrote: »

I too noted the deliberate and evasive lack of supporting documentation.

But you chose not to chase these "deliberate and evasive" documents, rather signed up anyway, based on the knowledge you had of them "deliberately and evasively" hiding the terms from you?

Bizarre. And were supposed to be all sympathetic?

BR_Landlord

ILW wrote: »

I would suggest you should have checked them out (or got someone with legal knowledge to) before you signed them.

Sorry dont quite understand why you quoted me followed by this comment. What I was talking about was the letter we received yesterday in which B of I stated "The terms and conditions of your mortgage allow us to increase the differential in certain circumstances" without quoting the condition from the Terms and Conditions. This is evasive. I found out, in a paper trawl, that the bank charges £15 for sending out a copy of the original Terms and Conditions of your mortgage, which I felt forum readers might want to know before they asked for copies.
I feel I have missed your point entirely.

BR_Landlord

Graham_Devon wrote: »

But you chose not to chase these !deliberate and evasive! documents, rather signed up anyway, based on the knowledge you had of them !deliberately and evasively! hiding the terms from you?

Bizarre. And were supposed to be all sympathetic?

You are making me laugh now. Do you work for B of I?

Have you actually read the letter we are all talking about??????

THE LETTER THE LETTER is evasive because it does not quote the condition to which it refers.

lol lol lol