Bank of Ireland tracker mortgage % increase

disposalist

smiffy wrote: »

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.

Thanks Smiffy - the plot thickens... watch this space eh?

kevinjw

all new to this forum craic but very interesting topic as Im in for a massive hit in my mortgage payments. I hav complained to boi, still waiting response which should be interesting as there first letter about the hike was not full of information. cant wait til the 25th march for the release of ther reply

pandersturn

kevinjw wrote: »

all new to this forum craic but very interesting topic as im in for a massive hit in my mortgage payments. I hav complained to boi, still waiting response which should be interesting as there first letter about the hike was not full of information. Cant wait til the 25th march for the release of ther reply

had a reply to my complaint. It just says it understands i am unhappy with them raising the diff rate on my base tracker mortgage. Dosnt mention my stated reasons.it seems like a generic answer . They say they will investigate and reply within 15 working days. Not expecting much but at least i will be able to lodge my complaint with the f.o.s

ameliaartgirl

HI everyone, we were Bank of Ireland customers until a couple of weeks ago - when we asked for a new rate they quoted us something ridiculous and then said we should contact a broker called London and Country Mortgages (they are the biggest brokers in the country). When we did this, it transpires from the broker that BofI want people to leave them and that there is a cashback incentive to leave! Our new mortgage has gone through with the Natwest, £100 a month less, no fees and the cashback is coming in the next few weeks. If you can ditch,do.

HerbertJames

I initiated a complaints procedure against the Bank of Ireland over this issue. They asked for me to supply various documents. I was in the process of doing this, when I received a letter from them saying that they had completed their investigation and found nothing wrong.

I'm astounded that they don't even take their own complaints procedure sufficiently seriously to even wait for the reply which they had requested from me.

tcmum

Following advice from the 'property118' blog :

I confirmed with BofI they received my e-mail complaint and would confirm they had in 5 days.
I also called the FOS, a very nice lady took details, will write to them also, gave me a reference no, will send me the complaint form in case if they don’t respond in the time limit or to my satisfaction.
I am epecting to have to complete it !:(
This is a ‘RyanAir’ syndrome, ‘customers are there to be taken advantage of’, all the Irish companies may get a bad name….

madoona

cs1800 wrote: »

Yes I have two mortgages they are absolute shark - do you remember that they were forced to put 2000 people back on trackers in 2011 and pay compensation, I am not allowed to post the link but a google search will find it, it is a very interesting story.
So now they have changed the rules to shaft them and everyone else on a tracker. I have spoken with them and they say they can double the differential at their will and there is nothing I can do so this time next year if they choose they could double my mortgage again unless I give up the tracker and go tack a fixed rate at 4.49%. The problem is we took a chance and opted for trackers and because we won out they have now changed the rules if base rates had gone to 10% they would not have been so keen to help us out they would have just told us we took a chance and lost. Fact is they are sharks and are trying to screw us we can't let them get away with it, I have no doubt what they are trying to do is wrong and I am going to cancel my DD and set up a standing order to pay the mortgage at 2.25% and let them take me to court.

This is what i am going to do change all DD to SO and wait fo r the courts to battle it out its a disgrace what BOI is doing - i Cannot believe the other comments above you wnat to stop it but doubt if you can ??? How negative - the masses have to rise and fight- BOI is pratically bank rupt and they want to hit their hard pushed consumers to pay for their mistakes - they are the new Northern Rock - push back hard and Bankrupt them before they bankrupt US!!!!!prehaps we will have our mortgages transfered to a sensible UK bank if they get sent over the brink- Complain and complain hard - do not get complacent - if they get away with this - others will follow !!

madoona

smiffy wrote: »

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.

FSA told me not much they can do about BOI - they are useless hope they get their act together and push back on BOI .

madoona

ameliaartgirl wrote: »

HI everyone, we were Bank of Ireland customers until a couple of weeks ago - when we asked for a new rate they quoted us something ridiculous and then said we should contact a broker called London and Country Mortgages (they are the biggest brokers in the country). When we did this, it transpires from the broker that BofI want people to leave them and that there is a cashback incentive to leave! Our new mortgage has gone through with the Natwest, £100 a month less, no fees and the cashback is coming in the next few weeks. If you can ditch,do.

Not everyone can move their mortgages - Citibank bought EGG and tried to get rid of customers with a massive cull- ok we are no longer desirable - then why cant BOI offer a transfer to another lender - instaed of being snakes in the grass - and raising rates ???

madoona

JimmyTheWig wrote: »

It's an open forum, you've got to expect comments from anyone.
By all means find, or start, a forum for people directly affected by this. If you don't want input from other people (some of whom have vast experience of mortgages and legal battles) then that's the thing to do.
If you only talk to people who are hit with this change then it is likely that they will all think that what has happened is out of order and illegal. Quite possibly the first person you'd come across who didn't agree with you would be the judge. By which time you may have wasted an awful lot of money and effort.

For example, many BoI customers on here have been claiming that they were mis-sold to, as they weren't told about this clause. I, personally, think that that may be the case. However, they also seem to think that as they were mis-sold to then the bank can't legally use this clause. I don't think that that is the case and so have been saying that here. Has that really been unhelpful? Or has it helped people look at the right angles to pursue? I'd like to think it has helped.

Other people have pointed out that they would have assumed that a BTL landlord would have made sure they understood all the terms of their mortgage (and if they didn't got someone to check them for them) before signing it as it was part of a business deal. If they would assume that then maybe a judge would assume that too. I think that is helpful for you guys to know.

Some BoI customers have come on here saying that this rate increase will break them, as part of the explanation as to why the increase is unfair. Posters have pointed out that the base rate could have increased by the same amount in a reasonably short time and that they will still only be paying what they were paying originally and so can't use that to justify why it is unfair.

I think what the BoI is doing is out of order. It is a slap in the face for their customers. It is, basically, asking their customers to go elsewhere.
Whether they are allowed to do it or not, I don't know. I hope for your sakes (and for the sakes of those of us with mortgages with different banks who might follow suit) that they aren't allowed to do it.
But you need to be realistic. What I would do if I were you is to use the experience of people on these boards. Ask for help from some of the experts who come here. Use the place as a sounding board for what seems reasonable and what doesn't. Hopefully then you'll have enough of an argument to take to whoever is the relevant body to take it to. And hopefully you'll win.

I have contacted Watchdog, please do the same to you and all your followers.

Please stop the Bank of Ireland they have mis-managed theirmoney and hitting me and many other consumers to pay for their mistakes ( just like Citibank did when they bought EGG). They cannot be allowedto continue as the bank behind Post Office mortgages – they are absolutescoundrels . The FSA and Financial Ombudsman are useless, by the time theyregister a complaint and deal with it a whole year goes by. Bank of Irelandwill add any amounts not paid onto the mortgage and treat is as arrears –arrears they have caused by hiking their rates up by 50% - it has to beunlawful???? They are a faceless bank- there is no one you can sit down infront and say - look what the heck do you think you are doing!



If they succeed in varying a base rate tracker – others willfollow – so I do look at the bigger picture . Also if Bank of England put upthe base rate the mortgage rate on all the mortgages will spiral out of control– I am putting my home on the market as I am truly concerned about the future.The buy to lets are in negative equity and I will hand over the keys making 3families homeless.

If there is anything you can do , I would be happy to speak further on the matter . Truly concerned aboutthese turn of events, by the bailed out Banking system.