Thread solely for people with Bank of Ireland Mortgages

brit1234

safestored4 wrote: »

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

+1

Also this is the third thread on this subject.

brit1234

:spam:

smiffy wrote: »

http://www.property118.com/index.php/bank-of-ireland-increase-differential/37002/

Spam reported

Rob_n_Bar_Stewards

Whilst understanding this is an open forum, I simply can't understand why those who are directly affected by this move cannot talk to eachother - try to get some guidance and move forward, even if this end up as a dead end ?

What is the point of the yah boo sucks to you brigade posting - or do they think they own the site - maybe they do.....perhaps they will reveal who they really are ??

My guess.....retired bankers one and all.

R

Rob_n_Bar_Stewards

BTW - I'm a residential with no copy of 6(m).

Have written as required - no doubt we will all receive the same / standard response.

porkydawky

I am a BTL mortgage holder orginally with B&W. I have been reading through my docs and in my offer of loan from B&W it states the following under section 15: BASE RATE TRACKER SPECIAL CONDITION

b. - When we are charging you interest at a tracker rate:
i)We will only change the tracker rate if base rate changes. This means we have no right to change the differential for the purposes of condition 6(m) of our Residential Mortgage Conditions:
ii)if base rate changes then (unless condition 6(l) of our Residential Mortgage Conditions applies) we will always change the tracker rate by the same amount within 30 days;

I shall be investigating this with BOI tomorrow to see how this affects me but it seems quite important to the current discussion. As it stands I already pay a fixed 1.75% fixed differential above base so I may not be affected by the changes.

Will update when know more.

plimsolls_on

Hello, I have an old B&W residential tracker mortgage and can only find the mortgage offer, which I signed, but have no booklet or other paperwork and it states this worriying phrase~:

T&C 6 A) iii)
"guarantee period" ..... ends on 31st December 2006"
and
C) we may change the differential.... to maintain the viability of our business following serious adverse change in market condiitons or in relationship between the base rate and the rate which we pay on the funds we raise for use in our mortgage lending business...."

I have written to the bank objecting to the change and asking for documentation on their capital reserves and how this impacts the business and consequently a hike in differential rates.

Would appreciate knowing if anyone hears from BofI before I do..

Thrugelmir

plimsolls_on wrote: »

I have written to the bank objecting to the change and asking for documentation on their capital reserves and how this impacts the business and consequently a hike in differential rates.

In the news today. Irish banks (like Spanish) are in financial severe trouble.

Bank of Ireland has recorded a loss of 1.8bn euros (£1.6bn; $2.3bn) for 2012.

The lender saw little respite in the rate at which it had to write off bad loans due to the property crash.

The bank took 1.7bn euros in impairment charges, versus 1.9bn in 2011, of which 462m euros was on mortgages and 797m on construction and property loans.

http://www.bbc.co.uk/news/business-21652317

magpiecottage

I suggest you take a look at this thread.

Although this related to Santander, not Bank of Ireland, and to business banking not mortgages, the principles seem to be broadly similar.


It took us about a month to organise a rather rag tag action plan which involved a lot of people complaining to the bank and then to FOS. By citing the case of Carlill v Carbolic Smoke Ball Company we argued that the original advertisements formed part of rhe contract.

The outcome was that Santander claimed victory as it climbed down in humiliation!

plimsolls_on

Pobinr wrote: »

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!

I am also dreading this rise, mine is 0.85% above base rate, currently on 1.35%....

plimsolls_on

Rob_n_Bar_Stewards wrote: »

Whilst understanding this is an open forum, I simply can't understand why those who are directly affected by this move cannot talk to eachother - try to get some guidance and move forward, even if this end up as a dead end ?

What is the point of the yah boo sucks to you brigade posting - or do they think they own the site - maybe they do.....perhaps they will reveal who they really are ??

My guess.....retired bankers one and all.

R

Accountants, I think