Bank of Ireland tracker mortgage % increase

in Mortgages & Endowments
1.1K replies 113.9K views
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  • noddynoonoddynoo Forumite
    346 Posts
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    Does anyone really think such a big bank would implement one of the conditions of their mortgages if it was illegal? And there was potential for £££££ in litigation.
  • HobbyHobby Forumite
    28 Posts
    I have just spoken to a BOI team leader this morning after he called me back to detail which particular clause is being used to shaft us.

    He was completely unaware and somewhat stunned that 'The Residential Mortgage Conditions 2001 booklet was never supplied as part of the loan offer.

    He was even more shocked when I explained that under the final paragraph of acceptance in the loan offer , the Residential Mortgage Conditions were not listed as having been read and understood.

    He was genuinely speechless and then said ' So you never had them , are you sure they are not in the final paragraph of acceptance?'

    I then read the actual paragraph out to him and he explained that he would investigate.

    I think there is massive mileage in it for any of us that never received the booklet as an inclusion to the initial loan offer.

    Please inform the BOI if you are one of the customers that never received the booklet
  • kingstreetkingstreet Forumite
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    Were the conditions in question sent to the solicitor with their copy of the offer?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • smiffysmiffy Forumite
    173 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Hobby wrote: »
    I have just spoken to a BOI team leader this morning after he called me back to detail which particular clause is being used to shaft us.

    He was completely unaware and somewhat stunned that 'The Residential Mortgage Conditions 2001 booklet was never supplied as part of the loan offer.

    He was even more shocked when I explained that under the final paragraph of acceptance in the loan offer , the Residential Mortgage Conditions were not listed as having been read and understood.

    He was genuinely speechless and then said ' So you never had them , are you sure they are not in the final paragraph of acceptance?'

    I then read the actual paragraph out to him and he explained that he would investigate.

    I think there is massive mileage in it for any of us that never received the booklet as an inclusion to the initial loan offer.

    Please inform the BOI if you are one of the customers that never received the booklet

    I've register a new web site called

    http://www.tracker-rate-hike.co.uk/

    I've uploaded some PDFs, scans and web site screen grabs from 2004.

    I never had teh Residential Conditions at the time either. It may there there are several versions. If you have the 2003 copy then I'd like to upload that too.
  • HobbyHobby Forumite
    28 Posts
    Sorry , the conditions I have are ' Residential Mortgage Conditions 2001 edition 2 ........which I think you or someone else has already scanned onto here for viewing.
  • smiffysmiffy Forumite
    173 Posts
    Part of the Furniture 100 Posts Combo Breaker
    Hobby wrote: »
    Sorry , the conditions I have are ' Residential Mortgage Conditions 2001 edition 2 ........which I think you or someone else has already scanned onto here for viewing.

    OK - Edition Two is hosted here:

    http://www.tracker-rate-hike.co.uk/residential-mortgage-conditions-2001/
  • magpiecottagemagpiecottage
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    It appears that borrowers may have friends in high places - see here.
  • BR_LandlordBR_Landlord Forumite
    104 Posts
    Just in case anyone misses the link:


    QUOTE
    Andrew Tyrie questions FSA over Bank of Ireland rate hike
    8 March 2013

    Treasury select committee chair Andrew Tyrie is pushing the FSA over what action it is taking in response to the Bank of Ireland rate hike on tracker mortgages.

    In a letter addressed to FSA managing director Martin Wheatley, published today, Tyrie says he is “concerned” about the increase and questions whether it amounts to misselling.

    Last week, the Bank of Ireland wrote to 13,500 buy-to-let and residential customers on tracker mortgages to warn them of plans to more than double the base rate differential it charges.

    Tyrie says the bank is justifying the increase on the grounds that banks are required to hold more capital, increasing its funding costs.

    The letter states: “I would be grateful if you could tell the committee what action the conduct arm of the FSA will be taking in response to the action by the Bank of Ireland.”

    Tyrie sets out a series of specific questions including what contact the FSA had with the bank and at what level, whether there will be an investigation into unfair clauses in the mortgage contract and whether it amounts to misselling.

    He also wants to know what analysis has been made for affected customers, what contact the FSA has had with the Financial Ombudsman Service and how many other lenders may increase tracker rates in a similar way.

    Wheatley is due to respond on Monday."
  • "A leading MP has urged the FSA to investigate whether Bank of Ireland is guilty of mis-selling tracker mortgages..."
    Read the full story:

    Bank of Ireland mortgage rate hikes: MP calls for FSA probe

    OfficialStamp.gif

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
  • 36square36square Forumite
    286 Posts
    The FSA and FOS may have limited powers to act here since Buy-to-Let mortgages are an unregulated product as far as I know.
    I'm currently trying to switch before 1 May and it clearly says 'Unregulated Product' at the top of the Key Facts Illustrations I'm being sent.
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