Bank of Ireland tracker mortgage % increase

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  • lazyjacklazyjack Forumite
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    GREEDYGUTS wrote: »
    I have little sympathy for those affected by this.

    What have you been doing with all the money you had from the ridiculously low rates you were paying ?
    Wake up to reality.

    Not everyone has complained that they 'can't afford' the increases. Perhaps some can. Whether they can or can't does not (in my opinion) make it OK for BOI to implement such an increase on a LIFETIME TRACKER MORTGAGE.

    People took a gamble taking out a tracker, fair enough. But the gamble was based on the BOE base rate, not some sneaky little clause hidden away for future use by BOI.
  • cs1800cs1800 Forumite
    21 Posts
    GREEDYGUTS wrote: »
    I have little sympathy for those affected by this.

    What have you been doing with all the money you had from the ridiculously low rates you were paying ?
    Wake up to reality.

    I have been enjoying the benefit of my gamble that paid off, It's nice to back a winner. Had I lost my gamble and suffered high interest rates I would not have complained, well I might have, but there would have been nothing I could do. That should be the case with the BOI.
  • HobbyHobby Forumite
    28 Posts
    GREEDYGUTS wrote: »
    I have little sympathy for those affected by this.

    What have you been doing with all the money you had from the ridiculously low rates you were paying ?
    Wake up to reality.

    No one wants your sympathy and no one has complained that they cant afford the increase.

    Its a simple matter of legality.
  • dunstonh wrote: »
    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.

    Clearly not got any customer to dispense your advice........
  • kingstreetkingstreet Forumite
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    andys15 wrote: »
    Does this apply to the post office mortgage now bank of Ireland. I finished my fixed deal and now pay 1.49% above the boe rate. It does say 1.49 variable but I always assumed the variable bit was the boe rate.

    Bank of Ireland and Bank of Ireland (UK) Ltd are two different firms. Your mortgage is with the latter. This thread is about the former.
    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.
  • dunstonhdunstonh Forumite
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    Beej_1973 wrote: »
    Clearly not got any customer to dispense your advice........

    Clearly unemployed for you to type.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • JimmyTheWigJimmyTheWig Forumite
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    dunstonh wrote: »
    I cant see how its a mis-sale. The issue isnt about the sale of the product but the contract.
    If the customer was advised to take out this mortgage and the advisor didn't mention this clause, would that not count as mis-selling?

    My argument on mis-selling is that even if it was mis-sold, most people probably would have gone for the same product anyway. And most other people would probably be in a worse situation now than they are if they had gone with a different one.
    Whether or not it is mis-selling I don't know. But I am fairly confident that not many people will have anything to personally gain by it being declared mis-sold.
  • JimmyTheWigJimmyTheWig Forumite
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    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.
    They are a tracker with a clause which in effect says they remain a tracker unless the situation turns into one which is wholly unprecidented and which no-one would have predicted at the time.
  • JimmyTheWigJimmyTheWig Forumite
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    Hobby wrote: »
    no one has complained that they cant afford the increase.
    Unfortunately quite a few posters on here have said that they can't afford the increase.
  • dunstonhdunstonh Forumite
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    If the customer was advised to take out this mortgage and the advisor didn't mention this clause, would that not count as mis-selling?

    My argument on mis-selling is that even if it was mis-sold, most people probably would have gone for the same product anyway. And most other people would probably be in a worse situation now than they are if they had gone with a different one.
    Whether or not it is mis-selling I don't know. But I am fairly confident that not many people will have anything to personally gain by it being declared mis-sold.

    If the ability to increase the rate is disclosed in the KFD/contract then it would not be mis-sold. The KFD/contract is there for that very purpose. The layout is defined by the FSA to cover all pertinent points but not all things in the case of the KFD.

    I am reading the coverage to indicate it is a case of whether the contract term is unfair or not rather than it being a mis-sale. The importance of knowing which will come if complaints need to be made. A contract issue would see complaints made to the lender. A mis-sale issue would see complaints made to the mortgage broker. If no mortgage broker was used then a mis-sale would mean you have no-one to complain to. If the morgtage was applied for before October 2004 then it makes the mortgage pre-regulation. Also, some have suggested that non-regulated buy to let mortgages are part of this issue. In which case the FSA would have no remit over those unless again it comes down to unfair contract terms.

    We will know more as it develops.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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