Bank of Ireland tracker mortgage % increase

ILW

disposalist wrote: »

*rolls eyes* I'm keen to stress I'm not a professional landlord purely to make people coming to this thread see that it isn't just those people being hit.

Some of the folks in this thread are getting the same raw deal with their residential mortgages.

Just hoping to deflect some of the useless, unhelpful postings from landlord haters...

As I just said: 'business person' or not has no relevence. This issue is not a clause that a 'business person' should have spotted or been prepared for more than anyone else. The issue is BoI abusing a term that exists in (according to the head of the FCA) most mortgage contracts.

What type of landlord can you be if not professional?
Is it just for the fun of it?

disposalist

ILW wrote: »

What type of landlord can you be if not professional?
Is it just for the fun of it?

*sigh* I fell into it. Read back through my posts if you like - I think I've explained adequately and I repeat myself quite enough here already.

You're a large contributor to this site and have been thanked a lot according to the stats. How about you try and be more helpful here?

My apologies of I'm being overly prickly and your comments are merely attempting to be flippant or funny.

Semantics aside, one can earn (very little) money at something and still be far from what one would consider a professional.

pandersturn

disposalist wrote: »

*sigh* I fell into it. Read back through my posts if you like - I think I've explained adequately and I repeat myself quite enough here already.

You're a large contributor to this site and have been thanked a lot according to the stats. How about you try and be more helpful here?

My apologies of I'm being overly prickly and your comments are merely attempting to be flippant or funny.

Semantics aside, one can earn (very little) money at something and still be far from what one would consider a professional.

don't give the professional !!!!!ers the oxygen for the fire not worth it they fetch nothing to the forum except bile.(corrosive)

ILW

pandersturn wrote: »

don't give the professional !!!!!ers the oxygen for the fire not worth it they fetch nothing to the forum except bile.

So suggesting that if someone is going to set and run a property business, they should do it professionally is bile?

Strange notion.

BR_Landlord

disposalist wrote: »

The contract I have actually starts a fixed rate 2003 to 2008 and then becomes a Base Rate Tracker.

There is no period end for the tracker rules applying.

Mine also.
Interesting... the original product I signed to was FIXED RATE LOAN 4.990% which reverted to Tracker after 5 years.

So that's why they are now raising it to 4.99% ie it is not an arbitrary figure (or chosen to reflect VR), they have reverted back to the original %.

Same dates as yours. Probably same product.

BR_Landlord

neverdespairgirl wrote: »

sad cow – not allowed to keep chickens, ducks, or other poultry in our patio, – quite happily have a pig, cow or sheep...

So many animals!

I would have noticed them too in my Offer.

disposalist

BR_Landlord wrote: »

Mine also.
Interesting... the original product I signed to was FIXED RATE LOAN 4.990% which reverted to Tracker after 5 years.

So that's why they are now raising it to 4.99% ie it is not an arbitrary figure (or chosen to reflect VR), they have reverted back to the original %.

Same dates as yours. Probably same product.

I think that might be a coincidence. My original fixed rate was just over 5%.

JimmyTheWig

BR_Landlord wrote: »

"Separately" writes Mr Wheatley, "the Bank of Ireland UK volunteered to exclude customers from this change where there is evidence SUGGESTING that the customer could have been led to believe the differential was for the "life" or"lifetime" of the product*. (my emphasis)

This, to me, is the first thing that I have heard that makes me suggest people have a chance of not being hit with this raise.
I would say that if you didn't know about this clause, due to not reading it and not being told about it, then you write to BoI and say that you were led to believe the differential was for the lifetime of the product as that is what it was marketted as and you weren't aware of any reason why it wouldn't be.

Obviously only do this if it was true. If you were aware of this clause then to say you weren't would be fraudulent.

swardean

ILW, I think the problem with your posts on thread is that they are not helpful in trying to assist affected mortgage holders. This is a CONSUMER FORUM and hence a place people should pull together to try and protect their common interests and work together against ruling from large organisations and institutes that are plainly not fair.

This seems to have generated into a Mortgage holders v Savers argument when really we are all consumers. That is not to say that we shouldn't play devils advocate and present and debate opposing arguments, but there should be a way we can do this in a positive way to those who are facing huge hikes in mortgage payments.

Dave1968_3

"Separately" writes Mr Wheatley, "the Bank of Ireland UK volunteered to exclude customers from this change where there is evidence SUGGESTING that the customer could have been led to believe the differential was for the "life" or"lifetime" of the product*. (my emphasis)...

I think that's pretty clear with out the emphasis... I was sold a base rate tracker for the life of the mortgage... I have received a letter from BOI rejecting my complaint and have taken it to the ombudsman- Can I also take to the FSA at this stage?