Bank of Ireland tracker mortgage % increase

ILW

BR_Landlord wrote: »

That's an interesting point. I don't think it would hold up in Court.
Lets assume that no-one got this leaflet:
If 13,500 borrowers did not request a copy of the Terms & Conditions separate leaflet (and here I will add that my solicitor and Mortgage Broker also failed to notice the absence of the enclosure which means 13,500 can be extrapolated to 40,500 different people looking at the Offer paperwork) then one could argue against that view.

You could sue your solicitor or broker for not asking for a copy of the document referred to.

topseyt

We also got a letter (We have 2 mortgages waiting for the second letter now) and was astounded by BoI's 200% rate increase from 2.25% to 4.99% in our case.

Fortunately kept copy of our Bristol and West June 2003 mortgage offer and note following:-

• Our offer of loan clearly stated base rate 1.75%. Residential Mortgage Conditions (s) or (m) were mentioned but not explained or handbook attached.
• We dealt directly with Britol and West adviser and at no time was this special condition (s) or (m) mentioned
• As far as Residential Mortgage conditions (s) or (m) these could be made up !

The important thing is most if not all consumers and Bristol and West staff were ignorant of this special Residential Mortgage Conditions (s) at point of exchange.

We will complain like the above any better ideas ?

Pobinr

ILW wrote: »

You could sue your solicitor or broker for not asking for a copy of the document referred to.

I'm really not sure the onus is on the borrower or their sols to ask for a document that's not even in the list of other docs listed on the mortgage offer especially when the mortgage offer includes the terms & conditions such as tracking at 1.75% over base etc.
As I say (6m) is defined in a further advance we had in 2008 in terms & conditions booklet dated 2007 as - They can change the differential, but only in our favour.
I do not believe (6m) on the original advance meant the complete opposite of this & in a booklet that no one it appears has ever received & is not even referred to in the list of other docs shown in the offer. I believe this is smoke & mirrors by banksters.
They have no case IMHO.

Graham_Devon

Pobinr wrote: »

Not according to miss selling precedents.
Imagine if anyone could say - Well you never asked for all of the contract & the bit you never asked for says you must sign over your entire worldly wealth to me plus let me marry your lovely daughter. I mean your suggestion is absurd & would render contract law meaningless. You cannot be serious.

Hiding it altogether is different to referencing it.

It was clearly referenced as the terms and the reference have been placed on this thread. You are referencing it too, so it was hardly something you could never have been aware of.

Be careful with all this if you plan to take (and gain donations from others for) legal action. The only reason you care about the leaflet now is that you need it. How many other leaflets and terms do you not give a damn about that you haven't chased?

Do you really want to spend hours speaking to people every time you buy a product?

By all means chase the terms and by all means if it never existed, go down that route. However, moaning that you never got them up front is pointless, as were all perfectly happy with this arrangement (hence your signature) when it suits.

The mis-selling precedents you reference were completely different things. Often sold products they could never use.

BR_Landlord

richard69 wrote: »

Why are you increasing the BTL Base Rate Tracker differential?

"Currently, banks are required to hold more capital reserves, as part of measures to protect the banking system from the type of scenarios seen during the banking crisis. In addition, the cost of funding mortgages has increased significantly for Bank of Ireland and the market as a whole in recent years.
Your loan agreement has a special condition which allows us to change the tracker differential for a number of valid reasons including the ones mentioned above".

(This was posted at the beginning of this thread.)

It's bit vague given the scale of the increase! They have had a special 8 page leaflet printed "Understanding the changes to your Buy To Let Base Rate Tracker differential" in which I can find no information about the Contract term other than "Your loan agreement has a special condition which allows us to change the tracker differential for a number of valid reasons including the ones mentioned above".

We are all special and we should trust the Bank to make special decisions for us without asking questions.

Also from the leaflet:

"Is Bank of Ireland doing this because it is in financial difficulty?
No. Bank of Ireland has a strong mortgage business in the UK."

Pobinr

Graham_Devon wrote: »

Hiding it altogether is different to referencing it.

It was clearly referenced as the terms and the reference have been placed on this thread. You are referencing it too, so it was hardly something you could never have been aware of.

Be careful with all this if you plan to take (and gain donations from others for) legal action. The only reason you care about the leaflet now is that you need it. How many other leaflets and terms do you not give a damn about that you haven't chased?

Do you really want to spend hours speaking to people every time you buy a product?

By all means chase the terms and by all means if it never existed, go down that route. However, moaning that you never got them up front is pointless, as were all perfectly happy with this arrangement (hence your signature) when it suits.

The mis-selling precedents you reference were completely different things. Often sold products they could never use.

I did not reference it. I said it was not listed in the mortgage offer & no one received it. My only ref to it was the terms & cons in a booklet with a further advance in 2008 & 6m in that says the complete opposite of what it needs to for BOI to be able to increase the differential.
I think at this point rather than dealing with those such as yourself who don't read posts correctly & you don't even have a BOI mortgage issue anyway do you. What's needed is a thread only for those poeple who have this BOI mortgage issue & who are trying to get to the truth & fight the BOI

BR_Landlord

Pobinr just ignore him.

Pobinr

BR_Landlord wrote: »

Pobinr just ignore him.

Too right. I find myself repeating myself stuff I posted ten posts ago. The senible factual stuff gets buried/diluted in the noise from these twits who don't even have BOI mortgages so why don't they **** off somewhere else with their 'expert' opinions!.

You & I plus CS1800 all have the same experience with BOI.
No terms & conditions booklet was ever referred to in the mortgage offer list of docs & no booklet received.
6m in the later booklet with our further advance says they can only change differential in our favour.
We need to keep in touch in case of class action. Keep an eye out for private message because trying to talk about it here is like trying to talk across a room full of fools full of ****.

leveller2911

Pobinr wrote: »

Too right. I find myself repeating myself stuff I posted ten posts ago. The senible factual stuff gets buried/diluted in the noise from these twits who don't even have BOI mortgages so why don't they **** off somewhere else with their 'expert' opinions!.



Just to educate you this is a Forum.I will save you the job of looking up the meaning of the word.It means "a place for debate".

Pobinr I will tell you exactly what you want to hear.

BOI are wrong ,you are right......... Feel better?..

If you want "expert" advice then arrange to see a barrister specialising in financial law, don't come on an internet forum whinging.

Graham_Devon

BR_Landlord wrote: »

Pobinr just ignore him.

Ignorance is part of the problem now faced. Seems apt.