Bank of Ireland tracker mortgage % increase

Graham_Devon

smiffy wrote: »

I understand this statement, but the expectation is that the rate would increase at a similar rate at which they fell.

http://www.bankofengland.co.uk/boeapps/iadb/Repo.asp

Not a 3.1% hike in one hit!

That's gambling though.

And they did actually fall 3% in the space of 4 months. On the basis that you could only afford an extra £100 a month as per your previous post you didn't even factor in 1% let alone 3?

Anyway, best of luck with it all.

saverbuyer

plimsolls_on wrote: »

Actually during the last 11 years I certainly have paid my share of interest.. it's not 4.49% that frightens me, its 8.49% or whatever, when BofE finally raises the base rate.. in the meantime, my tenant will bear the brunt as I will have to raise the rent to cover my costs as I cannot sell at the mo in Norfolk.

Or they'll just move to somewhere cheaper and you'll have a void.

jobdone1

plimsolls_on wrote: »

Actually during the last 11 years I certainly have paid my share of interest.. it's not 4.49% that frightens me, its 8.49% or whatever, when BofE finally raises the base rate.. in the meantime, my tenant will bear the brunt as I will have to raise the rent to cover my costs as I cannot sell at the mo in Norfolk.

Or move and leave the house empty

disposalist

Oi! Those coming here and rubbing salt in the wounds! Wind your necks in, eh?

I'm sure noone thought base rate would stay low for ever, but equally noone thought they'd have to suddenly find double or more their mortgage payments.

Also, perhaps we were on marvellous deals, but being offered those deals is the reason BoI got the business, so to pull the ground out from under on such a spectacular scale is unprecidented and not something anyone should or would be expected to swallow without complaint, no?

I've never heard of anything being to flagrantly mis-sold as a base-rate tracker that changes 100+% when the base-rate is static! Whatever the small print is, this is just financial abuse.

Is it really ok that BoI exploit a contract loophole in order to mitigate against their market mishaps? Whatever is going on in the world, allowing these kind of practices is bad for *everyone*, so be supportive, eh?

If they'd moved the rate to something competitive I wouldn't have minded quite so much. If they'd changed the rate gradually over the next year or more to ease the transition that would have been less barbaric. But, no. It's "find an extra several hundred a month, or else" like some kind of gangsters.

Have some flaming sympathy/empathy/whatever. Sheesh. Not everyone here is a professional landlord, but even those that are do not deserve this treatment.

plimsolls_on

JimmyTheWig wrote: »

I agree.
So people should be put in the position they would have been in had they not been mis-sold.
Looks like they have benefitted from a very good interest rate for some time and are now free to move elsewhere to the best they can get.
So not sure that anything is owed for the mis-selling.

I agree with you in principal, but accepting a level of personal financial risk is one thing; and you make that decision on facts given you at the time, together with your financial responsibilities and assets. The unknown is chronic illness, redundancy, parental illness, recession, bank collapse, etc.. and if every person factored all those things into every financial decision we wouldn't ever invest and... the world would not go round...

rckl88

What is wrong with this country? We have unlimited broadband that isn't unlimited and now lifetime trackers that isn't!! False advertising by greedy companies who NEED to be held personally accountable by its staff!!
They screwed up somewhere (or everywhere) by overpaying themselves and losing too much on gambling? Now everyone else must pay whether its savers or borrowers?
If I defaulted I am positive I will lose everything and expect to be paying for many years to come! So I'm sorry but if you sell a lifetime tracker at x%+BR then I expect you to keep to that agreement!

ILW

disposalist wrote: »

Oi! Those coming here and rubbing salt in the wounds! Wind your necks in, eh?

I'm sure noone thought base rate would stay low for ever, but equally noone thought they'd have to suddenly find double or more their mortgage payments.

Also, perhaps we were on marvellous deals, but being offered those deals is the reason BoI got the business, so to pull the ground out from under on such a spectacular scale is unprecidented and not something anyone should or would be expected to swallow without complaint, no?

I've never heard of anything being to flagrantly mis-sold as a base-rate tracker that changes 100+% when the base-rate is static! Whatever the small print is, this is just financial abuse.

Is it really ok that BoI exploit a contract loophole in order to mitigate against their market mishaps? Whatever is going on in the world, allowing these kind of practices is bad for *everyone*, so be supportive, eh?

If they'd moved the rate to something competitive I wouldn't have minded quite so much. If they'd changed the rate gradually over the next year or more to ease the transition that would have been less barbaric. But, no. It's "find an extra several hundred a month, or else" like some kind of gangsters.

Have some flaming sympathy/empathy/whatever. Sheesh. Not everyone here is a professional landlord, but even those that are do not deserve this treatment.

There should be a law against anyone in BTL losing money.

neil324

ILW wrote: »

There should be a law against anyone in BTL losing money.

Hard working families?

jobdone1

disposalist wrote: »

Oi! Those coming here and rubbing salt in the wounds! Wind your necks in, eh?

I'm sure noone thought base rate would stay low for ever, but equally noone thought they'd have to suddenly find double or more their mortgage payments.

Also, perhaps we were on marvellous deals, but being offered those deals is the reason BoI got the business, so to pull the ground out from under on such a spectacular scale is unprecidented and not something anyone should or would be expected to swallow without complaint, no?

I've never heard of anything being to flagrantly mis-sold as a base-rate tracker that changes 100+% when the base-rate is static! Whatever the small print is, this is just financial abuse.

Is it really ok that BoI exploit a contract loophole in order to mitigate against their market mishaps? Whatever is going on in the world, allowing these kind of practices is bad for *everyone*, so be supportive, eh?

If they'd moved the rate to something competitive I wouldn't have minded quite so much. If they'd changed the rate gradually over the next year or more to ease the transition that would have been less barbaric. But, no. It's "find an extra several hundred a month, or else" like some kind of gangsters.

Have some flaming sympathy/empathy/whatever. Sheesh. Not everyone here is a professional landlord, but even those that are do not deserve this treatment.

Its about living in the real world.

disposalist

Makes me laugh when people roll their eyes at folks who take on enormous mortgages they can't afford.

Banks had a reputation up until a few years ago (ie. when those mortgages were being marketed and sold) as establishments you could trust. Why would anyone question a bank employee telling you they will give you five times your salary on a mortgage with no deposit or replayment element? Bank staff are to be trusted and they know 'money stuff' better than us, no?

It's only the last few years we've realised they are just as bad as the gangster money-lender down the pub. But on a bigger scale.

Again - have some flaming sympathy and realise it'll be you next.