Bank of Ireland tracker mortgage % increase

ThePsychologistIsIn

Thrugelmir wrote: »

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.

Wow! Can you tell me where I can find a solicitor that works for £30? the last time I went to one it cost me £300 an hour or the better part there of and that was five years ago! Maybe the recession is hitting the law trade too?

ILW

Was there a clause in the T and Cs that allowed this?

Graham_Devon

GMS wrote: »

You can't tout for business in these forums Mortgage_Knott. You should also have a Mortgage Adviser signature if you are a broker.

Is it possible though to do this? If so, might be one of the best solutions to the problems faced for those facing them? (So long as the T&C's check out!)

GMS

Possible to remortgage elsewhere you mean? If so yes it may be possible but obviously depending on individual's circumstances.

Not everybody would be eligible for the deals quoted which is why it would be considered unhelpful to quote lenders and rates.

Silent_Dancer

Roadcruzer wrote: »

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!!!

You do not have any claim for mis-selling and can not take it to the ombudsman as BTL is a business transaction not a consumer one.

Denise2007

Hi all,

I only found out yesterday about bank of Ireland increasing the rate on their trackers. I have three mortgages with BoI, two of which are on tracker and 1 due to go on a tracker rate in May, I'm currently on a fixed rate of 6.29 % with them so will be relieved to be off this. I spoke to BoI yesterday who were very helpful. Two of the mortgages were taken out in 2007 so not effected but 1 taken out in 2001 is as this was a B&W mortgage which had this condition.

The effected mortgage has substantial equity in it as I have been on a capital and interest mortgage. i have been on a tracker rate for this for the past few years and it's been great that the payments have been so low. No one could have predicted that the base rate would be so low and we would be paying rates like this. There is no way from any research you may have done that you would have expected to be paying rates like this, we all know that we have been very fortunate. It's been interesting to read some of the comments here on the site and have to admit do agree with comments that if you cannot pay a mortgage of 5% then you really need to question your business model. Over they years I've paid rates up to 8% so even a rate now of 5% on a BTL is good.

Unfortunately, BoI is now bust and to be honest I can understand why they are doing this. They are looking to close down their UK mortgage book and this was a requirement to get their bail out from the Irish government. BoI will not be bothered by bad publicity, they just want to be able to survive the next few years.

I have no doubt that they have had their legal department review all detail and are confident that they can do this.

I think we need to recognise the affected mortgages have this condition that this is in the documentation, I admit I didn't check properly as I imagine most people didn't. We should have significant equity as the mortgages are pre 2004 so there are options ....

armour

Denise2007 wrote: »

Hi all,

I only found out yesterday about bank of Ireland increasing the rate on their trackers. I have three mortgages with BoI, two of which are on tracker and 1 due to go on a tracker rate in May, I'm currently on a fixed rate of 6.29 % with them so will be relieved to be off this. I spoke to BoI yesterday who were very helpful. Two of the mortgages were taken out in 2007 so not effected but 1 taken out in 2001 is as this was a B&W mortgage which had this condition.

The effected mortgage has substantial equity in it as I have been on a capital and interest mortgage. i have been on a tracker rate for this for the past few years and it's been great that the payments have been so low. No one could have predicted that the base rate would be so low and we would be paying rates like this. There is no way from any research you may have done that you would have expected to be paying rates like this, we all know that we have been very fortunate. It's been interesting to read some of the comments here on the site and have to admit do agree with comments that if you cannot pay a mortgage of 5% then you really need to question your business model. Over they years I've paid rates up to 8% so even a rate now of 5% on a BTL is good.

Unfortunately, BoI is now bust and to be honest I can understand why they are doing this. They are looking to close down their UK mortgage book and this was a requirement to get their bail out from the Irish government. BoI will not be bothered by bad publicity, they just want to be able to survive the next few years.

I have no doubt that they have had their legal department review all detail and are confident that they can do this.

I think we need to recognise the affected mortgages have this condition that this is in the documentation, I admit I didn't check properly as I imagine most people didn't. We should have significant equity as the mortgages are pre 2004 so there are options ....

Hi there, whose sockie are you then? Graham's or Thrug's.

Thrugelmir

armour wrote: »

Hi there, whose sockie are you then? Graham's or Thrug's.

Can't see the purpose of sockies myself. The idiots that use them become so apparent after a while.

Thrugelmir

ThePsychologistIsIn wrote: »

Wow! Can you tell me where I can find a solicitor that works for £30? the last time I went to one it cost me £300 an hour or the better part there of and that was five years ago! Maybe the recession is hitting the law trade too?

I've always spoken to my solicitor during the buying/selling process. Only takes a few minutes to cover the contract. As fairly standard document. Given the contents.

BR_Landlord

kanimisso99 wrote: »

I heard the news, came to this thread, naturally expecting a harsh tone against BOI here. I instead found battles between newbies who appear to be the genuene holders of the affected mortgage, and a strange circle of people who nag those newbies and always thanking among each other.

However, those mysterious people blame the affected by saying completely odd things, like their rate was too good so should accept higher rate, it was a gamble, if they reclaim other customers or taxpayers will suffer (and thanking each other).

Surely they are not just jealous of the low rate, but must have some more reason to direct the course of the discussion in their preferred way.

Hear hear
I was irritated by the way some forum members were steering the discussion away from information sharing and ideas on how to proceed with all their twaddle. I suspect if I was B of I I would have people doing this to dilute any clear discussion. I also noticed that newbies were those with the affected mortgage products and that those disrupters were not.

Anyway, I am going to get on with writing my letter of complaint to the B of I and also add to the "hundreds" (see Financial Times) who have already complained to the Financial Ombudsman Service. Local MP, Watchdog, Moneybox, all good ideas.

This increase is not across the board for B of I Tracker customers, only those whose T & C have a specific clause. This does not seem to fit with the Bank's stated reasons for the increase – if those reasons are fair and acceptable, then an increase should follow for ALL the tracker mortgages with B of I. I would say that it is simply about exploiting a loophole someone found in the ten (or more) year old Terms and Conditions. Why was someone at the bank reading through all those old T & Cs!!!!! big bucks from a treasurehunt!!