Bank of Ireland tracker mortgage % increase



  • definitely think your right . Big collective stand , BIG VOICE and prob through the legal system
  • [QUOTE=disposalist;59768695
    Ray Boulger, the most respected mortgage expert in the UK.[/QUOTE]


    This the man who advised people to take out the biggest IO mortgage possible. Sound advice that was.
  • magpiecottagemagpiecottage
    9.2K Posts
    1,000 Posts Combo Breaker
    Hobby wrote: »
    There has been mention on here that the BTL mortgages are not regulated by the FSA. If this is the case then the FSA can not help
    That is true - but it does not necessarily mean FOS will not.
    HOWEVER as the BOI are using the special condition hidden amongst the Residential Mortgage Conditions then maybe the FSA will have to become involved.
    If you take the complaint to FOS then it will!
    Maybe this is why the BOI refer to the FSA being aware of the change in their booklet that accompanies the dreaded letter.
    I am getting a distinct sense of deja vu. Last summer Santander told me the FSA was aware that it was withdrawing free business banking on its "free forever" account.

    I have no idea how many FOS fees it clocked up before it realised it was not going to win.

    So for residential mortgages, I think the bank will have a problem if people start taking it to FOS.

    For B2Ls, it is more difficult because they are not regulated so there is no automatic right to go to FOS like we had with Santander (we were using the Banking Conduct of Business rules).

    However, a complaint to the bank MAY show that you have the right to go to FOS and even if the bank says you can't, in the end FOS is the one that decides.
  • brit1234brit1234 Forumite
    5.4K Posts
    Ray Boulger, the most respected mortgage expert in the UK, tells me that many, if not all, lenders have buried deep in the small print "exceptional circumstances" clauses which, among other things, allow them to demand you repay your mortgage, in its entirety, at a month's notice.

    Sorry Ray Boulger makes many peoples skin crawl, he is not respected and pedals an agenda.

    He is completely biased and has encouraged people into risky situations. You do know he went bankrupt a couple of years ago, that should send warning bells.

    He is also a complete media !!!!! and gets given far more media air time than is wise. Please never solely base your decision on his advise and confirm else where.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Ive just come off the phone with Bank of Ireland to see which of my 8 Bank of Ireland property BTL accounts are affected. Ive received 3 letters for 3 properties, but only a main account & odd sub account have been affected. Concerned about my other 5 BTL main deals with BoI are all pre 31 Oct 2004, i asked if these we’re affected too (with fingers crossed that they weren’t) None of my other pre Oct 2004 mortgages we’re affected. I asked about pre & post 31 Oct 2004 & the advisor 100% confirmed its nothing to do with a date, its to do with T&C’s of a particular mortgage product they sold. My affected codes we’re product X26 & X27, these are BoI codes & apparently dont mean anything to me. I think they do! I have requested T&C’s for the 3 affected accounts & lodged a formal complaint.

    I also asked if it was likely in the future my other accounts could be altered to which i was advised & I quote ‘If the bank could do something to alter the mortgage rate they would have done it by now with these changes’
  • kingstreetkingstreet Forumite
    37.1K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    As far as I'm concerned, the most respected individual in the mortgage industry is John Malone, the head of Premier Mortgage Services, part of Sesame Bankhall.

    He's campaigned for independent mortgage advice for as long as I can remember and I worked for him, back in the mid-90s.

    When our independent advice firm, Mortgage Shops was sold into TSB slavery, he quit in protest.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    6 Posts
    I have sent a letter of complaint to the BoI and will follow the proper process, eventually referring the case to the Ombudsman etc. I also contacted various media. I will write to the MP too.

    When I first took this mortgage my payments were extremely high but I had no choice if I wanted to get on the housing ladder. B&W were one of the few lenders that would give me a mortgage with little deposit. I suck it up through all the increases of the BoE rates. Then the recession came and the rate decreased.

    I am not complaining because the rate increased, I have always been prepared (and dreading it) for it.

    This forum collective rant is about the unfairness of a rapid rate increase (in my residential mortgage case an increase of three times what I pay now) buried in unclear language which could justify basically any circumstance.

    As others have mentioned I came to this forum to get help from other people who are in my similar situation including keeping in touch to 'eventually' be part of a class action suit if our individual complaint procedures are ineffectual. Unfortunately I have had to read through 400+ posts because other forumites have been posting their opinions on whether we deserve what has happened. If I took those unhelpful posts out it would have taken me one third of the time it actually took.

    I am financially aware, read all the small print and have been saving regularly. Unfortunately when I took up the mortgage I was not as savvy to know that 'differential' and 'special circumstances' could have such an impact on my mortgage repayments. Call me stupid if you like, but please leave this thread free from not helpful comments so that 'we' - those affected by this bank robbery - are able to help one another.

    Finally if someone is coordinating something for a potential class action please let me know.

    Many thanks to all of you who posted links to useful sources. Please keep posting them.

    PS - some people with pre-2004 mortgages were looking for the T&C of B&W. look in one of my initial posts, I've copied all the relevant clauses.
  • JimmyTheWigJimmyTheWig Forumite
    12.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    DIVADIVA wrote: »
    Unfortunately I have had to read through 400+ posts because other forumites have been posting their opinions
    It's an open forum, you've got to expect comments from anyone.
    By all means find, or start, a forum for people directly affected by this. If you don't want input from other people (some of whom have vast experience of mortgages and legal battles) then that's the thing to do.
    If you only talk to people who are hit with this change then it is likely that they will all think that what has happened is out of order and illegal. Quite possibly the first person you'd come across who didn't agree with you would be the judge. By which time you may have wasted an awful lot of money and effort.

    For example, many BoI customers on here have been claiming that they were mis-sold to, as they weren't told about this clause. I, personally, think that that may be the case. However, they also seem to think that as they were mis-sold to then the bank can't legally use this clause. I don't think that that is the case and so have been saying that here. Has that really been unhelpful? Or has it helped people look at the right angles to pursue? I'd like to think it has helped.

    Other people have pointed out that they would have assumed that a BTL landlord would have made sure they understood all the terms of their mortgage (and if they didn't got someone to check them for them) before signing it as it was part of a business deal. If they would assume that then maybe a judge would assume that too. I think that is helpful for you guys to know.

    Some BoI customers have come on here saying that this rate increase will break them, as part of the explanation as to why the increase is unfair. Posters have pointed out that the base rate could have increased by the same amount in a reasonably short time and that they will still only be paying what they were paying originally and so can't use that to justify why it is unfair.

    I think what the BoI is doing is out of order. It is a slap in the face for their customers. It is, basically, asking their customers to go elsewhere.
    Whether they are allowed to do it or not, I don't know. I hope for your sakes (and for the sakes of those of us with mortgages with different banks who might follow suit) that they aren't allowed to do it.
    But you need to be realistic. What I would do if I were you is to use the experience of people on these boards. Ask for help from some of the experts who come here. Use the place as a sounding board for what seems reasonable and what doesn't. Hopefully then you'll have enough of an argument to take to whoever is the relevant body to take it to. And hopefully you'll win.
  • Graham_DevonGraham_Devon Forumite
    58.6K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    DIVADIVA wrote: »
    Unfortunately I have had to read through 400+ posts because other forumites have been posting their opinions on whether we deserve what has happened. If I took those unhelpful posts out it would have taken me one third of the time it actually took.

    You didn't have to.

    Write to your MP about it. Seems even after spending your time reading them all you are still confused about them. No one has said anything about whether it's "deserved" or not.
  • HobbyHobby Forumite
    28 Posts
    My situation and many others appears to hindge on one critical fact here in determining whether the BOI can impose their increase.

    The section that may permit them to do it is contained within the Residential Mortgage Conditions , albeit it within the terms of a Buy to Let Mortgage.

    I was never provided with the Residential Mortgage terms when I took out the Buy to Let mortgage. Clearly there is mention of it within the terms of the Buy to Let mortgage but thats as far as it goes.

    My argument is that how can the BOI now invoke a certain condition when these certain conditions were not available or provided in the first place

    Of course no doubth the BOI will state they were included in the package that came with the offer. But they were not.

    Fortunately the terms of the offer is page numbered from 1-7 and also at the acceptance section where you sign to state what you have seen and understood , no where is there any reference to having seen the Residential Mortgage Conditions.

    What do you think from a legal perspective - thanks
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