Bank of Ireland tracker mortgage % increase

Graham_Devon

armour wrote: »

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

It does you an injustice to automatically assume that because someone doesn't agree with you, there has to be a conspiracy.

BR_Landlord

Denise2007 wrote: »

Hi all,

I only found out yesterday

blah blah, I think you have covered all the points on behalf on Bank of Ireland.

By the way, can someone tell be what a sockie is? I have never heard that before.

Thrugelmir

Graham_Devon wrote: »

It does you an injustice to automatically assume that because someone doesn't agree with you, there has to be a conspiracy.

More sockies appear on the forum when a major financial news story breaks such as this. As people use the opportunity to push their personal view. All these new people on the Mortgage & Endowment forum in the past few days for example. Majority of users are already MSE users before posting on here.

Thrugelmir

BR_Landlord wrote: »

blah blah, I think you have covered all the points on behalf on Bank of Ireland.

By the way, can someone tell be what a sockie is? I have never heard that before.

Someone who creates a multiple user ID's to post. Thanking their own posts to appear popular.

All these new forum members posting on here for example. Never used MSE before. Until the BOI story broke.

Seen it so many times before. When the story dies down. Then they all disappear.

BR_Landlord

Thanks for that Thrug. I probably wont use it afterwards either – I joined up just to get information and see comments from other Mortgage holders in the same position. From what you say you are a regular on MSE, and use it to express your opinions on all manner of subjects whether or not you are personally affected by the topics. What attracted you to join this thread? if you don't mind me asking? thanks again for the explanation.

Thrugelmir

BR_Landlord wrote: »

Thanks for that Thrug. I probably wont use it afterwards either – I joined up just to get information and see comments from other Mortgage holders in the same position. From what you say you are a regular on MSE, and use it to express your opinions on all manner of subjects whether or not you are personally affected by the topics. What attracted you to join this thread? if you don't mind me asking? thanks again for the explanation.

Worked in finance (in the broadest sense) all my life. Been a gamekeeper and poacher. So seen the very best to the worst.

I personally believe financial illiteracy is a major problem now. So am more than happy to spend some of my time causing people to think. By challenging their perceptions , ideas etc. So they seek advice from accountants, solicitors, mortgage brokers, or just google and read a reliable source.

Of course I have empathy with people in financial difficulty. However regulation, law etc is there for a purpose. Just because an individual doesn't like something means that they have a right to complain or ignore the situation.

We live in difficult financial times. That are far from over. There's more pain to come. Though with proper planning, understanding etc life can be made far easier. Rather than flying on a wing and a prayer. That I feel many are doing.

Thrugelmir

BR_Landlord wrote: »

Thanks for that Thrug. I probably wont use it afterwards either – I joined up just to get information and see comments from other Mortgage holders in the same position.

Typical sockie behaviour.

BR_Landlord

Mr Thrug! you send such a lovely answer and I was agreeing with you, then you spoil it by your second post. I accept your explanation that you are a habitual user of MSE because you want to challenge perceptions. I thought (as a newbie) the forum would be a point of information, didn't expect all the speakers corner stuff. Carry On!

yobgnivas

adding my two penneth to this thread (also to keep updated on developments....)

I have a BoI mortgage which is a lifetime tracker at 1.14 over base (taken out in 06/07)... I have yet to receive any notification... but this potential change of the terms imo is underhand and certainly was not "apparent" at the time of my signing up to the mortgage.. In fact when I spoke with my broker this week he has not been able to find the terms himself and also commented that the wording on the BoI website was "very woolly indeed"..

The clues are in the title of the mortgage product "Lifetime Tracker" - that doesnt suggest until it no longer suits the lender... if interest rates had gone up i wouldnt get away with not paying the extra amount on my mortgage would I? The banks cant have it both ways....

I hope collectively we can make a stand against this...

Also, has anyone looked into whether the BoI are entertaining mortgage redemption offers as several institutions did over the last few years? if they are so hard up, and seem to be trying to offload customers perhaps we could have some real bargaining power here... especially if there is a big enough backlash and the ombudsman (or whoever else is meant to protect us) intervenes...

And before anyone pipes up - my issue is with underhand methods to screw us, the consumer over... I have enough in savings etc to cover my repayments, i also agree i have been very fortunate in that my repayments have been reduced - but similarly so have my savings rates etc... If the rates on offer are unsustainable from BoI's point of view then I have no sympathy - they chose to offer these products to win customers and should have catered for every future eventuality in terms of BofE base rate changes - I had to make these considerations when choosing this mortgage product!

Thrugelmir

chalkie99 wrote: »

One of the oddest threads on MSE :huh:

OP joins up today and is followed with undue haste by lots of other names who also joined today. Seems strange, especially on the Loans section rather than the Mortgage forum.

I guess people don't know about the 80's when rates doubled in a very short time and reached 15%

Likewise since. Sockies everywhere.