Bank of Ireland tracker mortgage % increase

Denise2007

BuzzBodine wrote: »

Hi Denise2007,

I am a residential mortgage holder. Phoned the FOS and they said they would look into residential mortgage complaints.
Will have to follow the process and then forward the expected rejection by BOI to them.
Hope that helps.

HI,

That sounds right. The FOS will be treating BTL and residential customers differently ... interesting to hear their response.

vlwb

I'm in a similar situation - BTL mortgage with only 10 years left out of 25. Not sure how to go about complaint letter - is there an online template to use? Any help would be much appreciated.

plimsolls_on

I have a residential mortgage with BOI and have complained to them, and received a letter saying that during the conversation when I was negotiating the mortgage I would have been warned. That conversation took place in 2002, they cannot provide a transcript or proof that they warned me of differential change... I asked for proof that EU has forced them into this by stating the €€€ they have to have in "reserve" in order to stay in business, but this was addressed in their reply with something waffling like "commercially sensitive information".... blah blah blah, basically I am up s$$t creek without a paddle.

However, I will forward complaint to ombudsman just for the hell of it. Will update when I get reply. BTW, I intend to pay the increase as normal, cannot afford mortgage black mark.

pandersturn

Denise2007 wrote: »

Hi,

Have been following 118 too. Am finding it all very bizarre that there's talk of a class action when the barrister has not yet confirmed if there is a case !! Wait until the barrister issues opinion and then make a decision. The 120 is ONLY for the barristers opinion.

yes but somebody has to pay for his opinion,and those that have paid might not welcome those who wait. i say that because its gone very quiet on 118, so they may communicating via email etc and keeping barristers opinion to themselves. although i do think that if there is a case they will want as many as pos to get involved.so long as they don't strike a private deal with B.O.I 118 HAS UPDATED STILL WAITING FOR BARRISTERS OPINION POS TOMORROW.

Denise2007

pandersturn wrote: »

yes but somebody has to pay for his opinion,and those that have paid might not welcome those who wait. i say that because its gone very quiet on 118, so they may communicating via email etc and keeping barristers opinion to themselves. although i do think that if there is a case they will want as many as pos to get involved.so long as they don't strike a private deal with B.O.I 118 HAS UPDATED STILL WAITING FOR BARRISTERS OPINION POS TOMORROW.

Yes, agree someone has to pay. It's gone quiet on 118 because they have not had the opinion yet not because they are keeping the barristers opinion to themselves. He hasn't issued it yet which is making me nervous, if there were good gounds the opinion would have been issued a lot earlier, he's been thinking for quite awhile !! If he feels there's a case and puts forward a good argument for it then people can join the class action and then pay for the opinion in addition to the representation costs which I think will run to hundreds each at least if not thousands. Am nervous that he will push for the case although it's not very strong and then I'll be out of pocket after paying legal fees in addition to the higher mortgage rates .... I want a good argument with grounds to fight the increases before parting with funds.

I don't know if anyone reading these posts hs a legal background but based on different contracts and responses from BOI customers. I think the below will happen, this is purely my own personal opinion. I have studied contract law ... though several years ago.

- Residential customers may be able to prove unfairness through FOS and it's definitely worth pursuing that.

- Customers both residential and buy to let who purchased trackers at the outset of the mortgage will most likely win based on the response from BOI to the Treasury Committee. They will need to write back to BOI with original documentation showing that there was an expectation that this was a tracker for life. You should review the letter from the FSA for wording to include in your complaint letter.

- Buy to let who reverted onto a tracker from a fixed rate or any other mortgage product will struggle and I expect these will be involved in the class action. Unless the FOS agrees with the residential mortgage holders I do not expect this to be successful.

Would definitely welcome views from anyone from a legal background.

Again, my opinion ... but think people should be very careful before spending hundres/thousands on a class action ...

pandersturn

I suppose you pays yer money (or not ) and you takes yer chances.

Denise2007

pandersturn wrote: »

I suppose you pays yer money (or not ) and you takes yer chances.

V true :-)

rate_hike

ON 118

BoI loses court battle with HMRC over what they thought was a loophole.
Its over £30m tax bill for 10 year old deal by bristal and west, theres a link to the guardian. quite an interesting read seeing its over a loophole. now we no why they want our money for .

Thrugelmir

plimsolls_on wrote: »

I asked for proof that EU has forced them into this by stating the €€€ they have to have in "reserve" in order to stay in business,

A little background.

Basel III (or the Third Basel Accord) is a global, voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk. It was agreed upon by the members of the Basel Committee on Banking Supervision in 2010–11, and was scheduled to be introduced from 2013 until 2015; changes from January 7, 2013 extended implementation until 2019 however. The third installment of the Basel Accords (see Basel I, Basel II) was developed in response to the deficiencies in financial regulation revealed by the late-2000s financial crisis. Basel III was supposed to strengthen bank capital requirements by increasing bank liquidity and bank leverage.

The FOS will be out of their depth on this along with the MP's that make up the Treasury select committee.

BuzzBodine

Just seen on a mortgage companies website that if a formal complaint is submitted to BOI they cannot impose the rate rise until the final decision on the complaint whether its resolved with the bank or the FOS.

But the BOI told me you would accrue arrears.

Anyone advice on how to handle this??