Bank of Ireland tracker mortgage % increase

smiffy

36square wrote: »

The FSA and FOS may have limited powers to act here since Buy-to-Let mortgages are an unregulated product as far as I know.
I'm currently trying to switch before 1 May and it clearly says 'Unregulated Product' at the top of the Key Facts Illustrations I'm being sent.

This seems to be a bit of a grey area, as pre 31st October 2004, the mortgage code was in place.

It might be worth a listen to this as they specifically mention Buy-to-Let customers and the FSA.

Hobby

36square wrote: »

The FSA and FOS may have limited powers to act here since Buy-to-Let mortgages are an unregulated product as far as I know.
I'm currently trying to switch before 1 May and it clearly says 'Unregulated Product' at the top of the Key Facts Illustrations I'm being sent.

The irony here is that Residential Mortgages are protected by the FSA and its those conditions contained within the BTL mortgage that are being used to shaft us. I am hopeful that this point alone will enable the FSA to rule on them........in any event the FOS will do so.

dunstonh

I cant see how its a mis-sale. The issue isnt about the sale of the product but the contract.

Hobby

dunstonh wrote: »

I cant see how its a mis-sale. The issue isnt about the sale of the product but the contract.

It's also about the fact that they were sold as Base rate Tracker mortgages when in fact they are anything but. The nearest tyoe of mortgage that they really are is a Variable rate mortgage with the rate set at the discretion of the bank of Ireland.

Get the point!

noddynoo

They are a tracker with a clause which in effect says they remain a tracker until the rate becomes a disadvantage to the bank and then they can vary it.

Hobby

noddynoo wrote: »

They are a tracker with a clause which in effect says they remain a tracker until the rate becomes a disadvantage to the bank and then they can vary it.

Yep , so not a tracker then.

noddynoo

No a tracker until it becomes silly which it has atm with current rates and BofE demands for banks to hold more capital.

Hobby

noddynoo wrote: »

No a tracker until it becomes silly which it has atm with current rates and BofE demands for banks to hold more capital.

Ahh I get it , so what you are saying is a tracker for only some of the time and anything the bank wants for the perod of time that its not a tracker.

So lets say for twenty years out of a twenty five year term its not a tracker........

I reckon that means its not actually a tracker....at best its clearly been mis-sold as one.....anyway we shall see!

dunstonh

And none of that makes it a mis-sale. It makes it a contract that has terms which may be considered unfair. Although that has to be determined.

Mis-sale is when the person selling it does something wrong. The seller is responsible. This is a contract issue. Not a mis-sale issue. The provider has the issue here. Not the seller.

Jacquelinesara

I now have a bank of Ireland buy to let mortgage, but I originally took the mortgage out with the Bristol and west as a residential mortgage. B&W swapped it over to a buy to let 5 years ago. Would I have any leg to stand on as I was originally with Bristol and West?