Bank of Ireland tracker mortgage % increase

JimmyTheWig

ThePsychologistIsIn wrote: »

That the clause which allows the Bank to break its contract is invalid because it was hidden and not obvious to anyone outside a leading legal firm.

I don't believe that is how these things work. Sorry.

Thrugelmir

ThePsychologistIsIn wrote: »

That the clause which allows the Bank to break its contract is invalid because it was hidden and not obvious to anyone outside a leading legal firm.

Nothing is hidden. Loan contracts have been written this way for many years.

Pincher

I have been expecting assassins at night for years,
hired by Mortgage Express to terminate my BOE+1.75% BTL mortgage. Like the people on Woolwich's BOE+1% Life-Time Trackers, You have to pry it from my dying fingers!

Relax, only 15 years to go, and then you'll have your money back. Not that it will be worth much, after all the inflation. :rotfl:

Nobody has offered me a discounted redemption yet.
Come on, offer me 30% off the principal, I will get a 2.75% 5 year fixed from First Direct, non-BTL since I have to live in the house to re-establish principal private residence before selling for CGT purposes.

The fantasy carries on. I get a five year fixed at 2.75% in 2013, live in the house until 2008. In the mean time, BOE starts climbing from 2014 to 5.5% in 2008, as the economy recovers, which means property prices go up. Sell in 2008, on top of the market, with reduced CGT, having paid 2.75% for five years. :j To those who fantasise about women, try this fantasy instead, it's better.:D

ThePsychologistIsIn

Thrugelmir wrote: »

Nothing is hidden. Loan contracts have been written this way for many years.

Perhaps I didn't express myself well when I said 'hidden'. I think Bobilar above argues the point better that the clause is such an obvious ball-buster that it should have been highlighted far better than it was, in the Key Facts perhaps?

Thrugelmir

ThePsychologistIsIn wrote: »

Perhaps I didn't express myself well when I said 'hidden'. I think Bobilar above argues the point better that the clause is such an obvious ball-buster that it should have been highlighted far better than it was, in the Key Facts perhaps?

The contract terms and conditions are Key Facts. As explicitly state the agreement between the parties.

If people are for a word to lazy or unwilling to spend £30 with their solicitor. To understand the terms on which they are being lent thousands of £'s then they only have themselves to blame.

The fact that many of these borrowers are letting property as a business is truly frightening. As you wonder how much other legislation etc they are unaware of. In business you are swimming with sharks. No one takes prisoners.

Mr_Carbohydrate

Like most affected, I'm here not to whinge but because I believe generally you achieve more acting together than you do alone. As such, I've been truly astonished at the insidious nature of some posts - from "savers" (who, let's face it have more likely inherited the family home than built and sold a business) to "investors" jealous of the low rates enjoyed by others - seriously people, take a look at yourselves. Why would you even be on MSE, if you think a corporation flagrantly abusing it's customers is in any way justifiable? Even if there's no winnable case, I'm still interested in policies to maximise cost, inconvenience and public opprobrium for BoI. Or will I just roll over and let BoI tickle my tummy, will I?

Graham_Devon

Mr_Carbohydrate wrote: »

Like most affected, I'm here not to whinge but because I believe generally you achieve more acting together than you do alone. As such, I've been truly astonished at the insidious nature of some posts - from "savers" (who, let's face it have more likely inherited the family home than built and sold a business) to "investors" jealous of the low rates enjoyed by others - seriously people, take a look at yourselves. Why would you even be on MSE, if you think a corporation flagrantly abusing it's customers is in any way justifiable? Even if there's no winnable case, I'm still interested in policies to maximise cost, inconvenience and public opprobrium for BoI. Or will I just roll over and let BoI tickle my tummy, will I?

It's the costs of the products thats caused this in the first place.

Increasing the costs further only helps shoot you and your fellow customers in the foot a second time just to make sure you have done a decent job of it.

Thrugelmir

Mr_Carbohydrate wrote: »

Or will I just roll over and let BoI tickle my tummy, will I?

If you can't remortgage away. Then you'll pay for the priviledge of this as well. Customers are the only ones who'll pick up the tab.

Roadcruzer

Hello. As a B2L landlord, I have (thank god only) 3 Bank of Ireland mortgages which may be affected by their dramatic change on interest rates. However, I have kept all paperwork and having checked it carefully nowhere in the lengthy 12 pp mortgage offer per property is there any reference of their ability to hike rates as they propose, only that after 5 years (which is due on June 1st) that rates would "revert to 1.75% over base" from their current 5.99% fix for 5 years. The fact that they can do what they now propose is mentioned in a second, glossy A4 accompanying brochure rather tucked away. Even if they can legally do this major change, is there not a case for mis-selling here? The way the facts were not openly made clear at the time of buying the product surely make this a PPI type claim to the Ombudsman? Such a major fact should have been on the formal mortgage offer in font 56!!!

Mr_Carbohydrate

Graham_Devon wrote: »

It's the costs of the products thats caused this in the first place.

Increasing the costs further only helps shoot you and your fellow customers in the foot a second time just to make sure you have done a decent job of it.

I have paid rates as high as 8% on my tracker. You seem to be suggesting that customers should take the rough with the smooth over the long term but not banks? Odd for a forum on MSE. A calculated business risk should NOT include the other party changing the T&Cs (OK, exploiting loopholes, whatever).