cs1800 wrote: »
I was not supplied with a copy of the Residential agreement at the time, I have asked BOI to supply me with a copy to see what this clause says. I am starting to believe it is no more that a 2 line cause and as it was to fundamental to the agreement I am amazed B&W did not include it in the text of my T&C
Thrugelmir wrote: »
No one forecast base rate to be so low for so long.
I am also starting to wonder why BOI didnt quote it in the letter telling me the differential was going up - you would have thought if there was justification in the cause they would have been more than happy to quote it, but we will have to see what they come back with.
Beej_1973 wrote: »
Yes, because I would have picked another mortgage linked to the Bank of England base rate. At that timethere were loads around, strangely you cant find one now
kingstreet wrote: »
There may be similar clauses in other lenders' documentation, the difference is they are trading lenders trying to attract new business and applying unfavourable terms may affect that.
BoI no longer transacts business in the UK. It therefore believes it can act with relative impunity as it doesn't really care. It can upset existing customers as it wants rid of them anyway and it has no interest in new borrowers.
BoI UK is a separate business and it hides behind its Post Office marketing brand, so the name-link has little impact on it.
Adamski1 wrote: »
Why doesn't everyone form a group which collectively notifies BoI that they will all stop their direct debit mortgage payments from the date of the rate increase? Could the BoI cope with the volume of legal processes that would entail bringing to each and every individual?
Govt has introduced a £273 flat fee
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