Bank of Ireland tracker mortgage % increase

ILW

disposalist wrote: »

!!!

That would be pretty awful of them! Who the f**k does deal with it if the FSA/FCA says it's before their remit and the FOS says it's 'not regulated'?!

Did they give you any further advice, or just let you down?

I'll give them a ring tomorrow and let you know what they say to me.

I believe they are concerned with "consumers". Businesses are expected to take care of their own legalities.

bigadaj

Thrugelmir wrote: »

A barrister is unlikely to proceed with a case for the sake of it. Ultimately their reputation us at stake. Also there needs to a fighting fund in hand. As a few days in the High Court will cost an enormous sum of money.

A very benevolent view of out legal a practitioners. After all 50% will lose every case. They will be far more concerned with the creditworthiness of the party their representing, as they burn several grand a day on Any putative case.

disposalist

pandersturn wrote: »

just been in touch with the F.O.S and they have told me they will not be getting involved due to it not being regulated,thought they were already dealing with it ?.

ILW wrote: »

I believe they are concerned with "consumers". Businesses are expected to take care of their own legalities.

And I appreciate that *some* think having a Buy To Let mortgage makes you a business... *sigh*

I don't have a limited company or employees I simply have a mortgage that allows me to rent out my old property.

Semantics, perhaps, but it's like calling someone who Ebays their old stuff a 'business'.

Either way - the FOS being unhelpful is disgraceful. I bought a product and I need consumer help with misdealings. Saying I'm not a consumer because I have a tenant in my old property is just ridiculous.

Any idea on an organisation that *can* help BTL mortgage holders?

disposalist

safestored4 wrote: »

If all you poor buy to letters can't cope with a 4% mortgage rate what are your plans for when interest rates revert to a non manipulated normal rate? Accompanied of course by further caps on housing benefit so that the rest of us are no longer expected to subsidise your over indebtedness.

ONE MORE TIME for the cheap seats...

1) Half the 13500 hit by BoI rate abuse are residential customers.

2) It's an increase to the differential, so when the rates do return to 'normal' (whatever that is) say 5%, our rates will be 10%... You can plan for being screwed.

3) No one could be expected to afford (or tolerate) a sudden doubling or tripling of there mortgage payments.

4) It's not about affordability or subsidy of indebtedness (!!!!!!?!) it's about having made a good deal (like thousands of other people holding trackers with other banks) and having the BoI renege on a contract.

5) I shouldn't bother answering these, because the people making the comments are clearly not simply ignorant but are trolling to aggravate.

JimmyTheWig

disposalist wrote: »

And I appreciate that *some* think having a Buy To Let mortgage makes you a business... *sigh*

I don't have a limited company or employees I simply have a mortgage that allows me to rent out my old property.

Semantics, perhaps, but it's like calling someone who Ebays their old stuff a 'business'.

Letting out a room in your own home is like eBaying some of your old stuff.
Letting out a whole house that you own in order (presumably) to make money is more like buying stuff cheaply and selling it on eBay for a profit. Which is classed as a business.

Whether it suits you or not, whether you think it is fair or not, BTL is a business.

Thrugelmir

disposalist wrote: »

ISemantics, perhaps, but it's like calling someone who Ebays their old stuff a 'business'.

And those that source items to sell on Ebay at a profit. Would be regarded by HMRC as running a business and be expected to declare the income for tax purposes. As far the tax authorities are concerned ignorance is no excuse.

Letting a property actually requires knowledge of around 100 pieces of law and regulation. So hardly surprising that those that run it along theines of a jumble sale trip up.

disposalist

Lol - I may not be business man of the year, but 'tripped up'?

Er, no. BoI pushed me down the stairs.

disposalist

JimmyTheWig wrote: »

Letting out a room in your own home is like eBaying some of your old stuff.
Letting out a whole house that you own in order (presumably) to make money is more like buying stuff cheaply and selling it on eBay for a profit. Which is classed as a business.

Whether it suits you or not, whether you think it is fair or not, BTL is a business.

I take the point, sure and I really hope the thousands of residential mortgage holders get the help they need, but, it's disgusting if because I'm 'running a business' that I have no consumer rights as far as FOS and FSA/FCA are concerned.

Anyway - I give up on this line of argument. It's the same people saying the same things (on both sides).

JimmyTheWig

disposalist wrote: »

I take the point, sure and I really hope the thousands of residential mortgage holders get the help they need, but, it's disgusting if because I'm 'running a business' that I have no consumer rights as far as FOS and FSA/FCA are concerned.

Anyway - I give up on this line of argument. It's the same people saying the same things (on both sides).

I think there are two different questions to look at.

The first is whether it is the legal duty of the FOS and FSA/FCA to help out BTL landlords with the BoI issue.
The answer is definitely "no", as BTL is seen as a business and these organisations are there for consumers not businesses.

The second is whether it is fair that the FOS and FSA/FCA don't have a legal duty to help out BTL landlords with the BoI issue, either because small businesses should have help from someone or because BTL shouldn't be classes as a business, etc.
That's a reasonable discussion to have, might make an interesting thread, might be the sort of thing your MP is interested in discussing but it isn't something that is going to get changed in time for people caught in the current BoI problem to be helped. So I would say it isn't a discussion to be had here on this thread.
For me, certainly, then I have been answering according to the first question - whether BTL is covered. Doesn't mean I think that it is fair that it isn't, just that I think it isn't.

BR_Landlord

disposalist wrote: »

5) I shouldn't bother answering these, because the people making the comments are clearly not simply ignorant but are trolling to aggravate.

They can get under your skin! They live in MSE.