Bank of Ireland tracker mortgage % increase

Darrell_G

Just pouring over one of my Mortgage offers & BoI do seem to contradict themselves quite a bit. Here’s a few points to consider. it states……

Unless otherwise provided in the promotional rate special condition below, the interest rate we charge will track base rate for the whole mortgage term (“the rate tracker”)
Sounds clear to me & what i thought my deal was!

Then below it refers to changing the ‘differential’ under other paragraphs saying ‘Viability of our business’ & ‘Adverse Market Conditions’
This is the confusing loophole.

A point I’m going to put out there is that Interest Rates have been at a historic low since 5th March 2009 when it was set at 0.5% & remains to this day. Now being in business myself im sure 6 years on BoI cant state to be adverse now & must be irresponsible & bad business practice to only look at this clause 6 years on? Its got to be unfair & misleading, breach of contract?

This might be our loophole, Thoughts anyone?

This issue is reported in todays Sunday Telegraph's Money section,

Mat1971

Hi I'm yet to recieve dreaded letter I've had 2 offers though to change the btl mortgage one was an offer of £10k to move that was June last year the other was jan this year offering a change to a higher interest mortgage from another lender in the letter it explained boi no longer wanted to deal in mortgage lending my argument would be tuff when you sell a product for its appeal just because things arent going your way you cant change the goalposts talk about having your cake and eating it seems the banks are only interested to suit themselves this is definatley a case for miss selling

leveller2911

Harry_Boyle wrote: »

Take heart though. While the problems of people on this thread (and others) will eventually get sorted, he will always be stuck with his miserable, unpleasant personality and stuck in his miserable, friendless and unpleasant life.

Not really interested in this thread as it doesn't concern me ,however why were you Renovation Man before and have now changed your name ? how many other "sockies" have you on the site and why do you feel you need multiple accounts?.

I don't get all this "sockies" stuff its so immature.Forgive my post if you have "issues" and do indeed have multiple personalities in your "world".

Pobinr

leveller2911
Oh no a petty squabble making the important posts harder to find. As you say the thread doesn't concern you so please desist from posting thanks.

leveller2911

Pobinr wrote: »

leveller2911
Oh no a petty squabble making the important posts harder to find. As you say the thread doesn't concern you so please desist from posting thanks.

Its great to see so many fresh faces on the site, never seen so many on a single post so welcome.

I'm not here to have a "petty squabble" with anyone but my post was relevant to Renovation man/Harry Boyles post.

brit1234

Pobinr wrote: »

leveller2911
Oh no a petty squabble making the important posts harder to find. As you say the thread doesn't concern you so please desist from posting thanks.

I don't think there are any important posts here, just a few upset people having a rant.

If you don't like a rate of 4.99% change lenders and tell the others here who you moved to, Simplez.

Darrell_G

Totally agree! It might have helped to make an informed decision when these financial offers we're put out last year, if we we're told about these rate rises. We could have had time to consider out options. I have 8 Buy to Lets with BoI & was offered £6k then another offer £8500 to move. At no point was it mentioned what was going to happen Feb 2013 re the banks intended rate rises!
NOT TRANSPARENT! Unfair & unenforceable?

Mat1971 wrote: »

Hi I'm yet to recieve dreaded letter I've had 2 offers though to change the btl mortgage one was an offer of £10k to move that was June last year the other was jan this year offering a change to a higher interest mortgage from another lender in the letter it explained boi no longer wanted to deal in mortgage lending my argument would be tuff when you sell a product for its appeal just because things arent going your way you cant change the goalposts talk about having your cake and eating it seems the banks are only interested to suit themselves this is definatley a case for miss selling

leveller2911

brit1234 wrote: »

I don't think there are any important posts here, just a few upset people having a rant.

You may well be right, there was a similar backlash when savings rates went through the floor.When people calmed down (me included) people realized all they needed to do was to vote with their feet and change products/banks.

Savers in general still lost out but in moving banks/products they cut the extent of their losses so don't see any real difference with mortgages. Just seems to be a lot of "froth".

brit1234

That's what the best thing is about money saving expert site, as it gives us savers the knowledge where to change to to get the best rates.

Here is their link to remortgaging:

http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

If people here are encouraged to move banks for savings and power why not mortgages?

Pobinr

brit1234 wrote: »

I don't think there are any important posts here, just a few upset people having a rant.

If you don't like a rate of 4.99% change lenders and tell the others here who you moved to, Simplez.

[IMG][/IMG]

No one is ranting. People are simply trying to discuss how not to get ripped off by a bank that's trying to move the goal posts when things go against them that they'd never move when they were going well for them.
If the Bank of Ireland move the goal posts & succeed in getting away with it then it will cost me £3800 a year in extra mortgage payments & there are no alternative products at 1.75% over base I'm being charged by Bank of Ireland at present as was agreed when the mortgage was taken out.
So your suggestion of switching to another lender as a solution is not feasible.