Bank of Ireland tracker mortgage % increase

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  • I am in the same situation. I am also annoyed that they do not let you know how much the new mortage repayment will be monthly until 10 days before is due to be taken out. Leaving us not much time to change it if we wanted to. If anyone has any new info would you post it here?
  • krisdoreykrisdorey Forumite
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    The new banking liquidity stress tests means that a bank needs higher liquidity ratios then before, as interbank lending isn't happening much and people really aren't depositing massive amounts of funds then they can raise their capital reserve by increasing their tracker rates/

    Although this wont dig them out of too much of a hole.

    As DCFC says, you need to follow the banks complaint procedure, you cannot go straight to the FOS.

    It all depends on whether the T&C regarding this is considered fair.
  • DCFC79DCFC79 Forumite
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    Should this not be on the mortgage section as opposed to the loans area ?
  • 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%
  • edited 27 February 2013 at 7:36PM
    DCFC79DCFC79 Forumite
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    edited 27 February 2013 at 7:36PM
    chalkie99 wrote: »
    OP joins up today and is followed with undue haste by lots of other names who also joined today.

    There are other threads on here that are like that but dont get them on the loans forum.
  • 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%

    Not sure what this has to do with a the discussion but for the record yes I do remember the 80's but I don't remember trackers ever having the rules changed in this way.
  • 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%

    Met a friend for a drink after work today - she brought along another friend who works at BoI taking calls - huge response from some very angry customers to the letters BoI have sent out.

    They are not complaining about rates going up - they are complaining about the terms and conditions of a life time mortgage being changed before the life of the morgage has ended (I posted a question on something similar a few days ago).

    I imagine it's on the Loans section due to inexperience of the posters. I noticed a woodburner question moved to the diy section by an experienced mod earlier when it probably would have been better in the LPG and other fuels forum so not really that strange.
  • have just written to moneybox, guardian money, bbc watchdog. if you have done the same do let us know of any replies.
  • krisdoreykrisdorey Forumite
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    Tbh, its all a bit pointless (other than media coverage), you are far better going through BoI complaints procedure as your first priority and doing media coverage as a pressure point.
    As already said, the FOS wont entertain any complaint until you've followed the banks complaint procedure and the BoI "Capital Reserve" condition is not legally clear cut either way so this could be for the long run.
  • Same boat as everyone else.
    I think in order to fight this we will have to find a way of acting together. I'm not sure how to achieve this but institutions like BOI are unlikely to listen to individuals.
    I have contacted Moneybox (BBC) so hopefully they will ventilate this situation.
    I contacted the FSA who advised me to follow the B&W complaints process and, if not satisfied with the outcome, to refer it to the FOS. I confidentally expect a corporate brush off from B&W so I should have thought the more complaints the FOS have the better our chances.
    Basically if they can use increased capital reserves as a justification for tearing up mortgage agreements then all lenders could do the same. That has to be stopped.
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