Bank of Ireland tracker mortgage % increase

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  • Why are you increasing the BTL Base Rate Tracker differential?

    "Currently, banks are required to hold more capital reserves, as part of measures to protect the banking system from the type of scenarios seen during the banking crisis. In addition, the cost of funding mortgages has increased significantly for Bank of Ireland and the market as a whole in recent years.
    Your loan agreement has a special condition which allows us to change the tracker differential for a number of valid reasons including the ones mentioned above".

    So they haven't really said apart from we messed up and you're going to pay for it.
  • newbie_noranewbie_nora Forumite
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    all i can add is thank god for the internet as without it we would be fighting on our own, ive arrived home from work today to two of these letters , how can they expect us to accept a rise of 2.74 per cent on each mortgage, to start i will complain direct to the bank and keep an eye on here for any other plan of action
  • Dylboy wrote: »
    I have requested a copy of the T&Cs to see what this 'special condition' is. In the letter it says they are allowed to do this "for a number of valid reasons" including increasing their capital reserves and to cover their rising costs.

    Why do you not already have this paperwork?

    Before complaining to the FOS et al, you need to work out what you are actually complaining about.
  • Lets start by bombarding this address....


    [EMAIL="public.enquiries@hmtreasury.gsi.gov.uk"][email protected][/EMAIL]

    Rob n
  • Here is the interesting fact they have cleverly put the new tracker rate at 4.99% with their fixed rate at 4.49% that's a nice round .5% saving coincidence or sharp practice? It is clearly a con its a similar ploy they did in 2011 when they promised people they would be better off on fixed rate then had to pay compensation. Fact is they came unstuck with these trackers and are starting to panic with talk of the Bank of England going to 0% to encourage lending, this decision will be reversed I have no doubt about that they will not be allowed to do this by the banking ombudsman.
  • I have just lodged a complaint with the financial ombudsman, I think it may help if more people do the same. I can#t post the link but a google search will find them easy enough.
  • Why do you not already have this paperwork?

    Before complaining to the FOS et al, you need to work out what you are actually complaining about.

    I have asked them to send me a copy with the relevant section highlighted as I can find no reference to this 'special condition'. And as I said, I will be complaining to the bank in the first instance, not the FOS.
  • cs1800 wrote: »
    I have just lodged a complaint with the financial ombudsman, I think it may help if more people do the same. I can#t post the link but a google search will find them easy enough.

    I spoke to them today but they said they couldn't do anything until the bank had responded to my complaint, and they have 8 weeks to do that apparently!
  • DCFC79DCFC79 Forumite
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    cs1800 wrote: »
    I have just lodged a complaint with the financial ombudsman, I think it may help if more people do the same. I can#t post the link but a google search will find them easy enough.

    Thats a waste of time as you need to go to you bank first and complan then after 8 weeks if the answer isn't acceptable then you go to the FOS.
  • Hi, I'm new on here and wanted to say I also have had a letter from B of I. I've rooted through my papers from over ten years ago and read the special condition alongside their general mortgage conditions and it does indeed look like they can do exactly what they like. If the conditions were more general it might be worth a fight but they almost seem to have been predicting a bleak future by including this provision. My biggest concern is whether other buy to let lenders follow suit.
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