Bank of Ireland tracker mortgage % increase

simon_the_saver

I have complained to BofI that the T&Cs now governing my loan do not allow them to do this. My original B&W Offer Letter from 2002 referred to condition 6(m) [in a document of which I did not receive a copy] as mentioned in other posts. However, when my mortgage was moved to BofI I received its 2009 T&Cs which do not contain any such condition. Might be worth everyone formerly with B&W looking out the paperwork from 2009/10 when BofI took over the business.

Apologies if other posters have already covered the above: I do not have time to read all 611 posts, particularly those telling those of us hit by this that we deserve what's being done to us because we 'should have done our homework'. Unhelpful...

BTW - I only post when I think I can make a useful contribution

Beej_1973

Denise2007 wrote: »

That's not very nice. Everyone is entitled to their opinion.

I've worked in financial services for several years although not bank of Ireland but many of the large UK banks and a lot of what he says is true in my opinion.

....as you say, in your opinion......

Beej_1973

Thrugelmir wrote: »

Then put me on ignore. Easy enough to do. Alternatively debate in an grown up fashion.

Pot, Kettle and black!

I stand by my views, you do appear to be bitter and twisted. Im not calling you names, it is based on your actions. Why else do you keep bleating on about the rate the landlords are charging their tennents..... this has no relevance to the matter being discussed......

If you are going to join in random discussions, then please know the subjest area, know the facts involved, have read the contract etc, and also keep the discussion on point.......

In the meantime......i leave the growing up to you

brit1234

Beej_1973 wrote: »

Pot, Kettle and black!

I stand by my views, you do appear to be bitter and twisted. Im not calling you names, it is based on your actions. Why else do you keep bleating on about the rate the landlords are charging their tennents..... this has no relevance to the matter being discussed......

If you are going to join in random discussions, then please know the subjest area, know the facts involved, have read the contract etc, and also keep the discussion on point.......

In the meantime......i leave the growing up to you

Beej 1973 please act with a degree of pleasantry. This is an open forum, you are abusing a long standing member and you are new here. You are doing your case / argument no good with your hysterical rants.

jockosjungle

Hmmm I've had a BOI mortgage since about June 2010, I haven't received a letter and my fixed rate went onto a tracker at 2.49% above base rate.

I'm presuming that not all customers are effected? I'll be annoyed if I am as I took out a mortgage after the BOI rate fell to 0.5% and after the financial crisis.

Am I OK?

smiffy

Yeah I believe its only mortgages taken our before 31st October 2004 (before the FSA regulation/new rules came into force).

Let_Us_See

Although not personally affected I had great sympathy for BOI mortgage holders following the lender's announcement of their intention to raise interest rates and I read through the (rightly) concerned initial posts. To catch up I have just read the latest couple of pages and I cannot believe how it has degenerated into a personal "free for all."

Although I understand, and welcome, the principle of an open and free forum, sometimes comments are best left unsaid.

disposalist

Sorry for the laziness, but this thread has gotten quite huge and I literally don' t have time to read it all in detail...

Am I right in thinking the important points to fight the decision on are thus: -

- Regardless of legal loopholes, it's plainly not 'fair' to double a tracker rate when the base rate hasn't changed (as in Treating Customers Fairly banking guidelines)

- The BoI claims it's necessary to maintaint the viability of the bank (as per the clause) but won't say that they are 'in trouble' or quantify their problems in any way (ie. they are acting on a 'fact' they won't admit to)

- The BoI claims financial issues, but at the same time the 'ring-fenced' UK part of BoI (who presumably is handling our business) has claimed it is doing fine and, through the post office, is still offering customers very low rates

When I first contacted the bank and ombudsman I stated the 'unfairness' part, but I'm thinking it wise to get all relevant points included in the complaint going forward.

disposalist

Ooo just reading back I saw the link to this one: -

Bank of Ireland: Andrew Tyrie writes to FSA over rate rise
The chairman of the Treasury Committee has written to financial regulators about Bank of Ireland's plan to raise customers' mortgage tracker rates.

http://www.bbc.co.uk/news/business-21720212

You'd think that all the unsympathetic nay-sayers would have been discouraged by the fact the chairman of the TC is so concerned and critical of BoI's actions...

smiffy

I’ve received an email from the Treasury Committee confirming that they have received a reply from the FSA.

However, the Committee has to formally agree to publish it, which they have not done yet. The next Committee meeting is on Monday 25 March.