Bank of Ireland tracker mortgage % increase

BR_Landlord

Pobinr wrote: »

.
.....guess what we cannot find a booklet for the original advances in 2001.
It would seem from other forums neither can anyone else!
People have even asked their solicitors for the document to no avail.
............
Has anyone been able to find this document namely Mortgage terms & conditions for their pre 2004 B&W tracker mortgage ?

Can I also ask if anyone has the Terms and Conditions A5 "Residential Mortgage Conditions" leaflet that dates from the pre 2004 Mortgage Offers?
I don't either. My B&W Tracker Mortgage dates from 2003. (I have 2007 Edition for further loan but that doesn't help.)
Thank You

brit1234

Pobinr wrote: »

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.

You may not get 1.75% over base rate but it does not mean there are no options under 4.99%.

http://www.moneysupermarket.com/mortgages/

As a saver my first time buyer deposit has been lossing a similar amount each year in lost interest that your mortgage is going to go up by. Savers have been hit hard these last few years. You may want to look at fixed rates if you want stability as interest rates will go up.

Pobinr

brit1234 wrote: »

You may not get 1.75% over base rate but it does not mean there are no options under 4.99%.

As a saver my first time buyer deposit has been lossing a similar amount each year in lost interest that your mortgage is going to go up by. Savers have been hit hard these last few years. You may want to look at fixed rates if you want stability as interest rates will go up.

Current BTL's are about 4% or 5% over base plus huge set up fees. Why should I pay a penny more than was agreed in a contract with BOI?
Banks moving goal posts when it suits them but not when it doesn't is not fair play. I can find no definite wording that says they're entitled to change the differential anyway. This is old money they will have borrowed by BOI or Bristol & West at the time, tied to the BOE base rate so it's not costing them any more than 10 years ago. Much much less in fact.
They are just trying to skim off what they're not entitled to from old deals to subsidise their irresponsible lending in more recent times & they're still giving out massive bonuses. If they are now trying to say what was sold as a tracker is no longer a tracker then it was miss sold. They will have a fight on their hands.

Pobinr

BR_Landlord wrote: »

Can I also ask if anyone has the Terms and Conditions A5 "Residential Mortgage Conditions" leaflet that dates from the pre 2004 Mortgage Offers?
I don't either. My B&W Tracker Mortgage dates from 2003. (I have 2007 Edition for further loan but that doesn't help.)
Thank You

Just like me & many others it seems you do not have mortgage conditions leaflet for your original advance/s. It rather looks as if B&W never gave them to anyone. So how can BOI now use clauses in a document that the borrowers never received?
An invisible part of a contract is meaningless.

leveller2911

Pobinr wrote: »

Current BTL's are about 4% or 5% over base plus huge set up fees. Why should I pay a penny more than was agreed in a contract with BOI?



Banks moving goal posts when it suits them but not when it doesn't is not fair play. I can find no definite wording that says they're entitled to change the differential anyway.
They are just trying to skim off what they're not entitled to from old deals to subsidise their irresponsible lending in more recent times & they're still giving out massive bonuses. If they are now trying to say a what was sold as a tracker is no longer a tracker then it was miss sold. They will have a fight on their hands.

The words "Banks" and "fair play" rarely go hand in hand, they certainly haven't with regards to savings rates.

Given the recent hoo ha with PPI,Libor fixing etc I would imagine the Banks would have looked into the details of the BTL T&C, and decided it was viable to increase the rates.I really don't think they would be stupid enough to leave themselves open to more legal action not to mention the bad press.

I wish you luck but your probably flogging a dead horse.

plimsolls_on

leveller2911 wrote: »

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".

Oh, how I wish I could change lenders, we are not all in that lucky position.... I cannot move as I have still only 10% equity max. and bad credit. BofI did write to me about a year ago (when my rate, like today was 1.35% on a tiny mortgage £80k) and offered to put me on 3 or 4% fixed. It did not say that tracker would disappear and now that offer is no longer open to me... ethical? I think not.

Pobinr

leveller2911 wrote: »

[/B]


The words "Banks" and "fair play" rarely go hand in hand, they certainly haven't with regards to savings rates.

Given the recent hoo ha with PPI,Libor fixing etc I would imagine the Banks would have looked into the details of the BTL T&C, and decided it was viable to increase the rates.I really don't think they would be stupid enough to leave themselves open to more legal action not to mention the bad press.

I wish you luck but your probably flogging a dead horse.

Banks have left themselves open to many successful court actions against them recently. You see fair play is often enforced by the courts.
I believe this will probably be the same under transparency requirements. Actually leveller you're not offering anything constructive here. Just daft suggestions. Mortgages aren't savings accounts are they!
I'm not going to spend any more time replying to your posts.

Rob_n_Bar_Stewards

I wonder if Martin has a view ?

I am gobsmacked that there seems to be far more in fighting amongst users of this site than advice to consumers trying to get their questions answered.

Maybe this really isn't the site for Championing the Consumers cause against big business - especially the banking sector ?

I'm new to this site trying to get some advice and can only conclude it doesn't do what I expected.

shortchanged_2

Rob_n_Bar_Stewards wrote: »

I wonder if Martin has a view ?

I am gobsmacked that there seems to be far more in fighting amongst users of this site than advice to consumers trying to get their questions answered.

Maybe this really isn't the site for Championing the Consumers cause against big business - especially the banking sector ?

I'm new to this site trying to get some advice and can only conclude it doesn't do what I expected.

There are 2 sides to every coin.

Don't forget not everyone have been winners in all this low interest rate saga.

Savers and the more prudent have taken a hammering.

Rob_n_Bar_Stewards

shortchanged wrote: »

There are 2 sides to every coin.

Don't forget not everyone have been winners in all this low interest rate saga.

Savers and the more prudent have taken a hammering.

Understood. But if you took on a long term savings plan that gave you x% below base rate and then that x became y without justification, would you not feel slightly miffed ?