Thread solely for people with Bank of Ireland Mortgages

Pobinr

I hope this thread will be a way for us BOI tracker mortgage holders to keep in touch with updates of any new information we have as & when we receive it perhaps leading to a class action if necessary, without others interjecting with their wild speculations & misinformation starting squabbles.
Please do not post here unless you actually have a Bank of Ireland Tracker Mortgage.
Thank you

To summarise;
I have two 2001 BTL B&W base rate tracker mortgages now with BOI. Not yet received the dreaded letter from BOI.
We took out out a further advance on one in 2008.
The 2007 conditions booklet for that advance (6m) says - 'We may reduce a positive differential or increase a negative differential at our discretion by giving you not less than 7 days written notice. This means we can change the differential in a way that is favourable to you'
(6j) states 'Unless we change the differential (if any) under condition (6n) we will not change the tracker rate unless the base rate changes'
In other words its tracking base rate.
Condition 25 says 'Changes to these conditions. We may change any of these conditions at any time by giving you not less than 30 days notice in writing as long as the change is favourable to you'.
So if this booklet applies to our original mortgage advances then we are OK. But guess what we cannot find a booklet for the original advances in 2001.
It would seem from other forums neither can anyone else!
Also it's not on the list of other docs as listed on the mortgage offer.

People have even asked their solicitors for the document to no avail.
So it would seem BOI are trying to move the goal posts on justification of a
mortgage terms & conditions document that no one was given !

Has anyone been able to find this document namely Mortgage terms & conditions for their pre 2004 B&W tracker mortgage ?

If they have been transparent & open as is required of them, then how come no one was aware of this possibility of a hike in the differential ?
After all who would knowingly take a out a tracker mortgage that one day would in effect become a non tracker?
A tracker mortgage does not have two variables. It only has one variable namely the bank of England base rate.
If they try to increase the differential from 1.75% to 4.5% then it's surely another case of miss selling.
Because clearly it's wasn't what it said on the can which is 'base rate tracker mortgage' when BOI are now trying to make them infinitely variable mortgages!

smiffy

I'm a residential B&W Mortgage customer - my rate hike seems to be the most significant leap as I currently have a deferential of 0.89%.

If you have a residential product then the 6(m) reference is in Residential Mortgage Conditions - I've yet to find anyone who actually has a copy of this.

Pobinr

smiffy wrote: »

I'm a residential B&W Mortgage customer - my rate hike seems to be the most significant leap as I currently have a deferential of 0.89%.

Welcome Smiffy.
Oh I see. I was just wondering what is the new rate you are expected to pay?

smiffy

I think we all just the same letter.

2.99% from 1st May and 4.49% from 1st October.

Obviously I was not expecting any increase in my monthly expenditure, until the Bank of England increased the BR.

Full details of my estimated monthly increase was picked up by The Guardian.

http://www.guardian.co.uk/money/2013/mar/02/bank-of-ireland-mortgage-rates-double-triple

http://www.guardian.co.uk/money/blog/2013/mar/02/bank-ireland-rate-rise-reverse

safestored4

Sorry but this is an open forum. You cannot dictate who may or may not post upon it.

Pobinr

smiffy wrote: »

I think we all just the same letter.

2.99% from 1st May and 4.49% from 1st October.

Obviously I was not expecting any increase in my monthly expenditure, until the Bank of England increased the BR.

Full details of my estimated monthly increase was picked up by The Guardian.

http://www.guardian.co.uk/money/2013/mar/02/bank-of-ireland-mortgage-rates-double-triple

http://www.guardian.co.uk/money/blog/2013/mar/02/bank-ireland-rate-rise-reverse

To get to the bottom of this we all need to be looking at our mortgage offers & terms & conditions. Sometimes what the newspaper hacks say is just verbiage they churn out to pay their mortgages:-)
They don't have the facts that we have as they don't have BOI mortgages.
Take a look at your mortgage conditions & offer etc & see if you are in the same situation as myself & BR landlord. What date is your mortgage?

smiffy

I know I'm in the same situation - my residential loan offer states the following:

16. a. This condition applies to product H4BM. From the day we make the loan the interest rate we charge will
track the base rate for the entire mortgage period at a fixed differential of 0.89% above base rate unless we
change the differential under 6(m) of our Residential Mortgage Conditions.

then later of just before the signature

APPLICANTS ACCEPTANCE:
I/We have received, read and understood your (1) product brochure for the mortgage described in this Offer, (2)
Scale of Fees leaflet, (3) Notes for Mortgage Applicants leaflet and agree to the General Consent to transfer in
section 3 or Notes for Further Loan Applicants if this is an Offer of Further Loan, and (4) Guarantor's Guide (if applicable).

I strongly suspect that the document "Residential Mortgage Conditions" wasn't actually issued.

Graham_Devon

smiffy wrote: »

I strongly suspect that the document "Residential Mortgage Conditions" wasn't actually issued.

You signed to say you had received, read and understood it though?

As stated, it was just before your signature, to describe what was being signed, so not exactly hidden away.

brit1234

This is a duplicate thread can this be merged with the offical MSE one please mods?
Thanks

https://forums.moneysavingexpert.com/discussion/4470099

Pobinr

smiffy wrote: »

APPLICANTS ACCEPTANCE:
I/We have received, read and understood your (1) product brochure for the mortgage described in this Offer, (2)
Scale of Fees leaflet, (3) Notes for Mortgage Applicants leaflet and agree to the General Consent to transfer in
section 3 or Notes for Further Loan Applicants if this is an Offer of Further Loan, and (4) Guarantor's Guide (if applicable).

This makes no ref to the booklet which 6m is in. Therefore you didn't agree to seeing reading & understanding 6m so they can't argue you saw it.

smiffy

brit1234 wrote: »

This is a duplicate thread can this be merged with the offical MSE one please mods?
Thanks

https://forums.moneysavingexpert.com/discussion/4470099

Mods - please keep this thread separate - The first post requests that this is just for those with Bank of Ireland Mortgages.

Is that not ok?

thanks