Bank of Ireland tracker mortgage % increase

kingstreet

myauntie wrote: »

I have yet to receive any formal notification from the Bank of Ireland, I only came across an article on the BBC website over the weekend.

In which case, it probably doesn't apply to you.

Those affected have been notified and those with mortgages taken out before 2004 appear to be the unaffected borrowers.

BR_Landlord

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 of this thread is seeking sympathy. Hang on to your sympathy allowance in case you spot a good cause!

motch

BR_Landlord wrote: »

Installing double gazing throughout properties, installing new kitchens, painting exteriors, installing new venetian blinds for the benefit of the neighbouring property owners to prevent the 'old sheet at window' syndrome, repairing condensation damaged plaster and fittings when tenants don't heat the properties, installing new boilers and increasing EPC ratings, improving quality and paying tax!

Otherwise a world cruise and servants obviously.

No-one of this thread is seeking sympathy. Hang on to your sympathy allowance in case you spot a good cause!

I just wish Homes Under The Hammer would highlight some of these points when they blatently propoganda these ideas around that you can't lose with renting out houses. With a flat housing market their is no money to be made with BTL (in the vast majority of properties bought Today)

Regarding the heating problems yes that happens because a lot of tenants cannot afford the bills.

msfender

This all sounds like a few years ago when banks attempted to refuse to track below 1% base as rates started to plummet.

The FSA put them in their place then as it wasn't obvious in the key facts. Surely the same case now?

BR_Landlord

Tenants cannot afford to heat the houses so I spend the money on trying to make the houses as energy efficient as possible. When Bank of England Base rate goes up I will have to stop the improvements.

motch

msfender wrote: »

This all sounds like a few years ago when banks attempted to refuse to track below 1% base as rates started to plummet.

The FSA put them in their place then as it wasn't obvious in the key facts. Surely the same case now?

any link for this?

Beej_1973

GREEDYGUTS wrote: »

Ok the bank have just said lets increase the rate and see if we can get away with it ?

Are you seriously thinking this is what they have done

Yep, just like PPI, selling swap rates, and manipulating the LIBOR rate

It not as if we are dealing with the most honest of industries......if they told me the sky was blue today, I would have to check for myself.

msfender

motch wrote: »

any link for this?

A bit higher than 1% in fact!

http://www.myfinances.co.uk/mortgages/2008/12/05/halifax-ditches-unenforceable-tracker-mortgag

http://www.thisismoney.co.uk/money/mortgageshome/article-1648653/Nationwide-will-not-impose-tracker-floor.html

leveller2911

BR_Landlord wrote: »

Tenants cannot afford to heat the houses. I appreciate they need to get out and about having a bit of fun and that costs money (not to mention mobile phone charges and iPhones – they all have them!). Also they are now 'doubling up' in rooms to share the rent. All this has led to a lot of material damage over the last 2 years or so. Can you imagine the condensation damage to an unheated bathroom where four sharers double to 8?
I spend the money on trying to make the houses as energy efficient as possible. When Bank of England Base rate goes up I will have to stop the improvements.

Oh behave, if the property has 4 people sharing then thats down to you, its your property maybe you should add a clause in the contracts stating "no visitors overnight, no partners, no shagging"...........

My heart truely bleeds for you , maybe if you reduced the rents you charge they could afford to put the heating on.

motch

msfender wrote: »

A bit higher than 1% in fact!

http://www.myfinances.co.uk/mortgages/2008/12/05/halifax-ditches-unenforceable-tracker-mortgag

http://www.thisismoney.co.uk/money/mortgageshome/article-1648653/Nationwide-will-not-impose-tracker-floor.html

was there one recently though? when boe rates were 0.5% with a minus 0.69% tracker or higher. I was just wondering if you could infact have a minus mortgage rate, as in they pay it off for you each month!