Bank of Ireland tracker mortgage % increase

disposalist

marathonic wrote: »

Clutching straws here. Why should it have been available for downloading? What happened before the days of the internet and since when did this change? Should a contract between a landlord and tenant be available for download and, if not, why are the rules different here?

But they certainly should be including with their insulting "understanding just how we screwed you" documentation the relevant legal clauses that they are abusing and perhaps even enclosed a copy of your agreement.

Sandstone

All of you should re-martgage asap. My sympathies go to those who cannot do so, and good luck in the fight against these unfair (yet probably legal) increases.

Former_MSE_Helen

"13,500 customers with a Bank of Ireland base rate tracker mortgage should brace themselves as rates are set to soar..."

Read the full story:

Bank of Ireland hikes mortgage costs, breaking base rate tracker



Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Landlord87

A suggested approach from someone in the business:

1. Write to the Bank of Ireland saying that you were missold the tracker mortgage because no-one told you that the differential may rise. Point out also that the wording in there documentation is neither clear nor transparent. I think the size of the increase alone is enough to win this point. Then tell them that you raise the issue with the
Ombudsman.
2. When you get the reply from BoI then go ahead and complain to the Ombudsman. Important to remeber here is that it costs you nothing but will cost BoI £750 to fight every complaint they receive. Also the Ombudsman starts on the side of the customer and it is up to the BoI to prove that they haven't missold the product.

smiffy

MSE_Helen wrote: »

"13,500 customers with a Bank of Ireland base rate tracker mortgage should brace themselves as rates are set to soar..."

Read the full story:

Bank of Ireland hikes mortgage costs, breaking base rate tracker



Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

That's a great article, but my rate on my residential product is jumping from 0.89% to 3.99% + Base Rate

That's taking the interest payment from £243 to £780!

I'd rather you quoted my figures! I can fund a £100 per month increase I need to find over £500!

jobdone1

smiffy wrote: »

That's a great article, but my rate on my residential product is jumping from 0.89% to 3.99% + Base Rate

That's taking the interest payment from £243 to £780!

I'd rather you quoted my figures! I can fund a £100 per month increase I need to find over £500!

With all due respect, But surely you should not be purchasing a property that you will not be able to pay for if rates go to a VERY LOW 3.99% what happens when the bank of England raise rates and the average rate on offer is say 5%.

I just don't understand some people

lotielot

BoI told me that I might be able to get a better deal with them but mortgage department told me that they will not offer me any rate because I have BTL mortgage and if I had a residential m. with them my new rate would be 4.29% which is not much better from 4.49% and it's much worse from 2.25% that I have now. Even remortgaging with other bank will not make much difference as they will not offer better deal.

JimmyTheWig

Is that a promotion for Dan Plant, or just a change in job title?

Graham_Devon

smiffy wrote: »

That's a great article, but my rate on my residential product is jumping from 0.89% to 3.99% + Base Rate

That's taking the interest payment from £243 to £780!

I'd rather you quoted my figures! I can fund a £100 per month increase I need to find over £500!

I don't mean to sound harsh here, but what would you have done with base rates at 3%+ which woiuld have put you in the same position?

I find it bizzare that people are saying this will ruin them, when even at 4.99% it's still lower than the average interest rate over the last few decades?

jobdone1

Graham_Devon wrote: »

I don't mean to sound harsh here, but what would you have done with base rates at 3%+ which woiuld have put you in the same position?

I find it bizzare that people are saying this will ruin them, when even at 4.99% it's still lower than the average interest rate over the last few decades?

This is why we are going through a long and painful recovery because of excessive debt that has now become unaffordable.

Better assessment of what you are able to afford should have happened years ago this would then stop problems like this happening.

But it is also about the person that is borrowing not living in some fantasy world of lets be better than the jones.