Bank of Ireland tracker mortgage % increase

Beej_1973

Banking Ombudsman

I have spoken to the banking Ombudsman this morning, as I was told by the bank they were aware of the scheme and had approved it.

This is not the case, and whilst they cannot get involved until the 8 week complaint period has elapsed, they will make that complaint on your behalf.

They told me they are getting a lot of complaints on this.

I suspect the more people that complain via the banking ombudsman rather than through the bank, the higher the profile of the issue to the banking ombudsman, and the more likely that this could be nipped in the bud

Leon_W

If Bank of Ireland are so strapped for cash why are they still funding mortgages sold by the postoffice at pretty low rates ?

http://www.postoffice.co.uk/sites/default/files/A0022_PO_Core_Range_01.02.13_Customer_8_page_booklet.pdf

And are these trackers being sold actually trackers or subject to conditions they can make up as they go along ?

Personally, as a mortgage broker, I'd like to think that if I advised on and arranged a lifetime tracker then that is what the client got otherwise what is the point ? I'd have to caveat every mortgage I arranged with the fact that the lender, at their whim, could just do what they liked anyway whether you liked it or not.

kingstreet

Beej_1973 wrote: »

Banking Ombudsman

I have spoken to the banking Ombudsman this morning, as I was told by the bank they were aware of the scheme and had approved it.

This is not the case, and whilst they cannot get involved until the 8 week complaint period has elapsed, they will make that complaint on your behalf.

They told me they are getting a lot of complaints on this.

I suspect the more people that complain via the banking ombudsman rather than through the bank, the higher the profile of the issue to the banking ombudsman, and the more likely that this could be nipped in the bud

There is no Banking Ombudsman. I presume you are talking about the Financial Ombudsman Service, or FOS for short?

The system works by you first making a complaint to the lender, which has eight weeks to investigate and resolve your issues. Once it does that, issuing you with a final outcome, you then have the right to escalate to FOS within six months of that outcome.

In most cases, if you circumvent the process by going straight to FOS early, they will simply refer the complaint to the lender anyway, wasting the time in which you could have done that yourself.

Beej_1973

I also tried to complain to the bank and speak to Mike Joyce the director that sent me the letter. I was told from the service centre, that he was not taking any calls today. Strange that he is prepared to make such contravercial decisions and yet not be prepared to take any calls

So I complained about that too.

Funnily enough.....if you ring the head office number instead, they are more than happy to put you through........

Obviously, only a thought.....

kingstreet

Leon_W wrote: »

If Bank of Ireland are so strapped for cash why are they still funding mortgages sold by the postoffice at pretty low rates ?

http://www.postoffice.co.uk/sites/default/files/A0022_PO_Core_Range_01.02.13_Customer_8_page_booklet.pdf

And are these trackers being sold actually trackers or subject to conditions they can make up as they go along ?

Personally, as a mortgage broker, I'd like to think that if I advised on and arranged a lifetime tracker then that is what the client got otherwise what is the point ? I'd have to caveat every mortgage I arranged with the fact that the lender, at their whim, could just do what they liked anyway whether you liked it or not.

See post #132.

I agree with the rest, too...

ILW

Leon_W wrote: »

If Bank of Ireland are so strapped for cash why are they still funding mortgages sold by the postoffice at pretty low rates ?

http://www.postoffice.co.uk/sites/default/files/A0022_PO_Core_Range_01.02.13_Customer_8_page_booklet.pdf

And are these trackers being sold actually trackers or subject to conditions they can make up as they go along ?

Personally, as a mortgage broker, I'd like to think that if I advised on and arranged a lifetime tracker then that is what the client got otherwise what is the point ? I'd have to caveat every mortgage I arranged with the fact that the lender, at their whim, could just do what they liked anyway whether you liked it or not.

Surely a brokers job is to explain the less obvious parts of any deal to their client. do you not read the T & Cs of the products you sell?

chucknorris

Beej_1973 wrote: »

Your right, I could go and get a new mortgage...... and that would be cheaper than what has been offered. However that would be letting companies renage on contracts at will

This is the same as betting on a horse 5-1, and watching the race and your horse coming in as the winner. Then when you go to collect your winnings. The bookmaker turning round and saying, sorry, I didnt like the result of that race, so I have changed the odds to 2-1.......

If your happy for people to renage on contracts on you....good luck......

But under certain exceptional circumstances (as the mortgage lender is citing) in the scenario that you have flagged up, it would be acceptable for the bookmaker to pay you only £3 (i.e. equivalent of 2/1):

You stake £1 on a horse 'B' at 5/1 in the following race:

8/13 horse A
5/1 horse B
10/1 horse C
16/1 horse D
20/1horse E
20/1horse F

After you place your bet horse ‘A’ is withdrawn and under Tattersall’s rules 4 the deduction would be 60p in the £ on your winnings (not stake). So your return would be £3 which is equivalent to 2/1.

hightable

I have decided that I must try to reduce this debt. I phoned BOI to make a capital repayment. I have few resources and so I asked for £1 to be taken for each of the sub accounts held. The very polite woman queried the amount but did allow it. I have a mind to do this often. Will they find something in the small print to prevent this?

Beej_1973

brit1234 wrote: »

The issue is simple, if you don't like the terms move to a new lender. Interest rates at 4.99% are still very low and you should be making a profit or your buy to let model is flawed.

Let hope BOI start doing good savings rates to help us savers

Personally I based my investment on interest rates going up to 10%. This is not about what the interstest rate is, this is about changing the rules, because it suits them. IT IS UNETHICAL.... and surley this falls into the camp of mis-selling. If the products is sold on thetracking the bank of England base rate +1%.......then that is what should happen........

For me its not about whether I am making a profit or not, I am making very good money thank you, its all about renaging on the key selling point of the agreement, if the market had gone the other way and they were making additional money, they would not have let me renage on the contract......

I guess those arguing the other way are not effected.......but if the bank of ireland get away this......then you can bet your bottom dollar that the other banks will folloe....and perhaps then if you are effected....your view point will change

hightable

chucknorris wrote: »

But under certain exceptional circumstances (as the mortgage lender is citing) in the scenario that you have flagged up, it would be acceptable for the bookmaker to pay you only £3 (i.e. equivalent of 2/1):

You stake £1 on a horse 'B' at 5/1 in the following race:

8/13 horse A
5/1 horse B
10/1 horse C
16/1 horse D
20/1horse E
20/1horse F

After you place your bet horse ‘A’ is withdrawn and under Tattersall’s rules 4 the deduction would be 60p in the £ on your winnings (not stake). So your return would be £3 which is equivalent to 2/1.

I like this but gambling debt at the ring are not enforceable. They are an agreement between gentlemen. Have the BOI acted in such a way? You may be hard nosed and I have seen bookies do a runner but most act with honour unlike others.