Bank of Ireland tracker mortgage % increase

Denise2007

BuzzBodine wrote: »

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??

HI,

If you have a BTL, you are not eligible to complain to the FOS, it is not in their remit as BTL is not regulated. If BOI have given you a final response and it's negative then you will accrue arrears.

BuzzBodine

Hi and thanks for the comment.

Mine is a residential tracker. They said I would have to pay the new rate and if the complaint was found in my favour by either the bank or the FOS they would refund the payments.
Furthermore there is a comment on the website of bbmortgages that BOI are now saying that they will look at complaints from residential mortgages holders on an individual basis to see if when the product was sold the customer was led to believe the tracker margin was guaranteed.

Thrugelmir

BuzzBodine wrote: »

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??

See post #824. BOI obviously feel that they are "right" in the majority of cases. Hence the individual case review. Which will negate any attempt at a class action in court.

So you need to pay the new rate whilst arguing your own corner.

As yes. Arrears will accrue and along with it your credit history. Which if you lose will be a hammer blow to your credibility with other lenders.

Denise2007

BuzzBodine wrote: »

Hi and thanks for the comment.

Mine is a residential tracker. They said I would have to pay the new rate and if the complaint was found in my favour by either the bank or the FOS they would refund the payments.
Furthermore there is a comment on the website of bbmortgages that BOI are now saying that they will look at complaints from residential mortgages holders on an individual basis to see if when the product was sold the customer was led to believe the tracker margin was guaranteed.

Did you originally purchase a tracker product ? If so think you will have a good chance winning.

BuzzBodine

Originally it was a 5year capped in 1996. Converted in 2001 to tracker
Took out a further loan for extension in 2003 and both were then on base rate tracker. Cost £299 fee.

simon_the_saver

Catching up with the dialogue... I have now had the (expected) reply from BoI; tough s**t, you signed the deal. Never mind that it was sold as a 'lifetime' tracker and I have no copy of the T&Cs they quote.

Interested that FOS is playing slopey shoulder on BTL customers; given that the loan is governed by BoI's 'Residential Mortgage' T&C's, I'm not sure this stacks up...

Anyone know whether having had a 'final response' from BoI with invitation to go to FOS, it will harm my case if I go back to BoI? My position is that they sent me new T&C's in 2010, which I take to override those in force when I took out the loan; you can bet your life that if these T&C's included the cop-out clause they would claim it was governing...

smiffy

I can't see much point in going back to BOI, (just my personal opinion) as in may case they never addressed any of the questions on my letter of complaint - in effect I just got back the standard reply.

I will be writing to the FOS shortly, but I'm awaiting direction from the Barrister looking into the case over on Property118.

The 2010 T&C's won't have the special clause, as this was removed after October 2004 when the FOS took over.

rate_hike

Justin selig (law department) on 118 has stated that barrister will be giving opinion later to day or tommorrow.

pandersturn

118 states that class action advice is very positive, and is urging all to get behind it and sign up.

rate_hike

JOIN JOIN JOIN if you want a chance this is now your last option take it or leave it.