Bank of Ireland tracker mortgage % increase

madoona

kingstreet wrote: »

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.

Mine was with Bank of Ireland (UK )Ltd i resisted the change to BOI it got me nowhere and now am in the hands of rogue Irish bank . asfar as i was aware the Bank of Ireland Uk ltd no longer exists and if you are saying it does why was i shuffled over ?????

madoona

disposalist wrote: »

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.

What ring fenced UK part am i the only one who was with Bank of Irelan UK ltd in Jan 2003 and was moved forceably to BOI in about 2006????

madoona

last Year BOI put my residential Mortgage which was on SVR up by 50% - but 35, 000 of the mortgage was a on a base rate Tracker they said that would not be affected . Not once did they mention it may go up because of "differential" - you cant ask about what you dont know , but i did ask would that part of the mortgage remain the same for the term. The independent mortgage advisor who arranged the mortgage in 2004 is now struck of by the FSA the solicitor who is supposed to be sending you the right info and checking contract was struck off by the SRA . my B& W buy to lets were also transfered to BoI whcih i did not want . An before anyone starts on how much money /greedy landlord I am - I hardly make any money out of the BTL and they are in neg equity and i dont want to make my tenants homeless when i cant afford to pay my mortgages because of the irresponsbile BOI.
I think the point is the unreasonableness of the hike and lack of notice , and in the current financial climate - the banking code - states the bank is there to help not - ***w you into the ground . Each individual has their story this is mine - I want to fight this because I am fed up of being skanked on all sides- This Bank will set a dangerous precedence if they win- clearly many people did not receive their T&Cs , advisors were unclear etc etc . The Key is to collectively join forces to prrevent a Bank that states base rate tracker and doesnt mention the diferential - to back down . They are unwilling to divulge why their funds are so low and the truth is thay want to get rid of non-money making customers - I was a Self cert- and guess I am no longer wanted. My suggestion is collective legal action - coupled - with an en masse boycott of the May 2013 payment by all customers affected which I believe is 15,OOO - this would jolt BoI off that pedastel- and make them realise that banks exists because of the consumer and not the other way around. In order not to affect your credit file - just tell them you had a little hiccup awfully sorry and you will pay as soon as your reserves are back up to date.

The public of Britain needs to be made aware it is happening to us now- but they will be next.

JimmyTheWig

madoona wrote: »

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

Masses rising and fighting, fair enough.
Raise a petition, take to the streets, occupy a BoI building. All fair enough.

One person on their own refusing to pay their full mortgage payment? I'm afraid to say all that will achieve will be a black mark on your credit file, which will make it very difficult to move to a different mortgage provider where you could get a better deal.

ILW

JimmyTheWig wrote: »

Masses rising and fighting, fair enough.
Raise a petition, take to the streets, occupy a BoI building. All fair enough.

One person on their own refusing to pay their full mortgage payment? I'm afraid to say all that will achieve will be a black mark on your credit file, which will make it very difficult to move to a different mortgage provider where you could get a better deal.

Don't think a few thousand BTL landlords moaning that their profits may get hit would generally be considered as "the masses".

JimmyTheWig

ILW wrote: »

Don't think a few thousand BTL landlords moaning that their profits may get hit would generally be considered as "the masses".

Maybe not, but even so if they act together that will have more of an impact than a few individuals getting credit blacklisted.

Thrugelmir

madoona wrote: »

The public of Britain needs to be made aware it is happening to us now- but they will be next.

Take a look at the events in Cyprus recently. The issue of deleveraging the banks is being handled far better in the UK.

If you used your profit from letting to repay your BTL mortgages. Then you wouldn't be in negative equity. A business comes with both rewards and risks. If you are unable to handle the risks then being in business isn't for you. As investing in property isn't a one way bet. Despite what many believe.

poppy10_2

Thrugelmir wrote: »

If you used your profit from letting to repay your BTL mortgages. Then you wouldn't be in negative equity. A business comes with both rewards and risks. If you are unable to handle the risks then being in business isn't for you. As investing in property isn't a one way bet. Despite what many believe.

Thrug. Why do you always use full stops. Where commas would be more. Appropriate ?

Thrugelmir

poppy10 wrote: »

Thrug. Why do you always use full stops. Where commas would be more. Appropriate ?

My MSE posting style. Rather than my more measured work style.

motch

FSA not to get involved. Couldn't copy the link, sorry guys.

quote from a site linking it:-

"If the link via google gets you past the paywall you will see that the Financial Services Authority (FSA) has said it has no plans to take action against Bank of Ireland over its decision to raise interest rates for 13,500 UK buy-to-let and residential customers.The B of I will therefore be more than doubling the mortgage interest rates of its tracker rate deals by triggering a generic “special condition” clause in its mortgage agreements which if you bother to read small print is actually in most other lenders terms as well."

managed to link it now I think.

http://www.ft.com/cms/s/0/8fe38d5c-979f-11e2-97e0-00144feabdc0.html