Bank of Ireland tracker mortgage % increase

rate_hike

Baristers signed such contracts, so where would we of got good advice from ?

ILW

rate_hike wrote: »

Baristers signed such contracts, so where would we of got good advice from ?

If you had paid a few hundred to a solicitor to check the contract and he had failed to point out the "dodgy" clause. Getting compensation through his insurance would be pretty straightforward. If he had pointed out the clause and you chose to go ahead anyway, then it would be your problem.

If a barrister had signed such a ciontract, I would have serious doubts about his competance if he had failed to notice the clause.

rate_hike

So thousands of us are stupid and your such an expert you would of spoted this clause

ILW

rate_hike wrote: »

So thousands of us are stupid and your such an expert you would of spoted this clause

Cannot comment, maybe blinded by the thought of easy money.

As part of my business I would never sign a contract running into hundreds of thousands of pounds without getting it checked over though.

rate_hike

Dont no where easy money comes in, it was just one of many mortgage offers at the time which i chose for it being self certifying with 25% deposit. Even if it was for easy money isnt that good business sence be a bit stupid to go for a high cost mortgage dont you think ?? seeing you state your in busness ?

On another Forum you,ve commented on Jobseekers Psychometric Tests, you state id fill it in to get free money ie £71 so your happy to rip of the state. but anyone who is self made you seem to have a problem with your as jealous as this forum is long.

As i dont wont to use this forum for arguments theres no need to respond so my last word to you is OFF

JimmyTheWig

ILW wrote: »

Or people should read contract before signing them.

...

ILW wrote: »

If a barrister had signed such a ciontract, I would have serious doubts about his competance if he had failed to notice the clause.

I think that even if people had read it they would have gone for it, as no-one would have expected the clause to be used.
Even if they knew the clause would be used during a period of low interest rates of a historically unknown proportion then they would still have gone for it.

I suspect that the barrister in question read the contract having noticed the clause. I suspect that many of the people who took out these mortgages would have been told about the clause by their solicitors and/or brokers, and how unlikely it would be to be used.

ILW

JimmyTheWig wrote: »

...

I think that even if people had read it they would have gone for it, as no-one would have expected the clause to be used.
Even if they knew the clause would be used during a period of low interest rates of a historically unknown proportion then they would still have gone for it.

I suspect that the barrister in question read the contract having noticed the clause. I suspect that many of the people who took out these mortgages would have been told about the clause by their solicitors and/or brokers, and how unlikely it would be to be used.

In that case they knowingly took a gamble, nothing wrong with that. But should be prepared to accept the losses as well as the gains.

rate_hike

We dont take out mortgages to gamble with. The Bank may have acted illegally with unfair clause you cannot blame us for trying to get it overturned as im sure you would if you was affected ?

brit1234

rate_hike wrote: »

So thousands of us are stupid and your such an expert you would of spoted this clause

If you do a business deal for 10s-100s of thousands of pounds then you read the contract and understand it.

I wouldn't use the word stupid but Reckless comes to mind.

At the time there was too much rubbish about people becoming buy to let millionaires. Greed replaced common sense.

ILW

rate_hike wrote: »

We dont take out mortgages to gamble with. The Bank may have acted illegally with unfair clause you cannot blame us for trying to get it overturned as im sure you would if you was affected ?

Nothing wrong with giving it a punt. Just some of the posters seem to be getting a bit "poor little me".