Thread solely for people with Bank of Ireland Mortgages

smiffy

Here's the 2001 version - a copy arrived in the post from BOI today.

http://www.freefilehosting.net/bristol-and-west-residential-mortgage-conditions-2001

also available via PM

Thrugelmir

Rob_n_Bar_Stewards wrote: »

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 ??

Because the long standing MSE posters have seen it all before. As in the case with BOI now. Something happens out of the ordinary. A thread develops where those affected take a very passionate view ( I must add fully understandable). However in their pursuance of what they regard as a satisfactory outcome . Their judgement becomes clouded. They hate reading anything which negates their plan.

Forum opinions ultimately count for very little in circumstances such as this. If you want good advice pay for a good lawyer who understands the contract.

We'll still be here when you are long gone trying to help people. Financial illiteracy is a major problem today.

Pobinr

Made a pleasing discovery today as a probable explanation as to why I’ve not had the dreaded letter from BOI.
As mentioned, I have two 2001 B&W BTL trackers at 1.75% over base.
I’d completely forgotten that in 2007 I switched to a 0.69% over base 3 year deal with them lasting until 31/7/2010. Can’t recall if I there was a fee for this, but in those pre 2008 days with BOE base at around 5% these lenders offered these low differentials to keep their borrowers from switching to another lender. How times have changed!
My wife discovered two letters from them dated June 2007.
One for each mortgage.
The letters say – ‘From 01/8/2010 until the end of the mortgage term, the interest rate we charge will be 1.75% above BOE base rate.’
No mention of any clauses or any other docs.
Page 2 of the letter says 'B i) We will only change the interest rate if the base rate changes'
So to me that’s pretty clear cut.
Our mortgage is & will forever be (until end of term in 2027) 1.75% over BOE base rate. Perhaps because it's post 2004 when the FSA or whoever said that wording needs to be transparent.
So it’s worth checking to see if you did a switch to a lower differential & have such a letter. As I say I’d completely forgotten about making the switch. Some of you may have done too.

what15myname

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%.

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.

6(m) appears as a reference in my Offer of Loan document without any detailed explanation.
I have written a letter of complaint to B of I in Bristol to challenge whether this constitutes a failure of theirs to fully set out the conditions of the loan.
I hope the thousands of others in this boat will do the same.
They deserve to lose their credibility.

smiffy

I don’t know if this will be of much use, but I’ve posted a few pages which are the Bristol & West web site from 2004.

Interesting points- quote
“We’ve tried to keep everything clear and straightforward, but some jargon goes with the territory. So, if you find a word you don’t understand, check out our jargon buster: you should find a clear explanation there”

Jargon Buster – doesn’t include the term “differential”
http://www.great-bentley.co.uk/bank-of-ireland-mortgage/bristol-west-jargon-buster/

Mortgage Rates
http://www.great-bentley.co.uk/bank-of-ireland-mortgage/bristol-west-available-mortgages-in-2004/

Nowhere in their advertising do they hint that the rate for term products are anything other than that.

Another quote “We already have nearly 200,000 mortgage customers: people who have trusted us to guide them through the mortgage maze…”

They also state that they subscribe to The Mortgage Code.

what15myname

:T Well, it's all potential ammunition!

Thrugelmir

smiffy wrote: »

I don’t know if this will be of much use, but I’ve posted a few pages which are the Bristol & West web site from 2004.

Bristol and West no longer exists. The mortgage business was transferred to BOI in 2009.

smiffy

Thrugelmir wrote: »

Bristol and West no longer exists. The mortgage business was transferred to BOI in 2009.

Yes - I know, I suspect BOI don't know how the products were marketed back in 2004.


I'll be quoting their own literature in my letter of complaint.


"We’ve tried to keep everything clear and straightforward, but some jargon goes with the territory. So, if you find a word you don’t understand, check out our jargon buster: you should find a clear explanation there."

Pity they didn't include the word differential in the "jargon buster"

Thrugelmir

smiffy wrote: »

Yes - I know, I suspect BOI don't know how the products were marketed back in 2004.

Totally irrelevant to the issue now. Your mortgage was sold on to a new lender, the BOI. Again allowable under the terms of your mortgage contract.

Beej_1973

Thrugelmir wrote: »

Because the long standing MSE posters have seen it all before. As in the case with BOI now. Something happens out of the ordinary. A thread develops where those affected take a very passionate view ( I must add fully understandable). However in their pursuance of what they regard as a satisfactory outcome . Their judgement becomes clouded. They hate reading anything which negates their plan.

Forum opinions ultimately count for very little in circumstances such as this. If you want good advice pay for a good lawyer who understands the contract.

We'll still be here when you are long gone trying to help people. Financial illiteracy is a major problem today.

I would take that as a bite......sad that you have nothing better to do than plough through threads, that dont effect you......Why don;t you try and leave the house and engage with real people, it may make you less bitter