Bank of Ireland tracker mortgage % increase
Comments
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I also wrote to the Bank of Ireland UK again to ensure that I stressed that I do not authorise them to take the extra payments they want to take from May.
I also wrote to my MP who has already responded and said that he's already contacted the FSA and will let me know when he gets a reply. I hope as many as possible of the 13500 people affected will follow the procedure of complaining first to the bank and then lobbying their MP while they wait for the BOI to respond to the complaints. I also downloaded the Financial Ombudsman complaint form and started fill it in ready for when the BOI will respond. I have no hope of them backing up from their original decision to increase the differential.
I think it's very important that we all keep the pressure on, both in the media and through our individual complaints.
Personally, I am stuck with the BOI as - being self-employed - I have less than three years of filed accounts to demonstrate my income and won't be able to find a decent mortgage. Had I known the BOI was going to use this dirty trick I would have moved mortgage way before starting my own business. Unfortunately I don't have a magic ball to see the future, silly me for trusting that a life time tracker really meant for life!!!0 -
Of course they aren't.
The FSA is the regulator, the FOS is the body designated to handle complaints and the FSCS is the organisation which compensates in the event of the default of the body deemed at fault in a complaint.
I didn't realise you could have one without the other. My understanding was something was FSA regulated and it is therefore covered by FOS/FSCS, or it wasn't regulated, so you got neither.
Does the lender have to allow FOS jurisdiction voluntarily?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.0 -
I inherited B of Ireland when they bought out my buy to let mortgage provider, I have been paying 2.25 % which is still a healthy profit when the BoE base rate is only 0.5%. They wrote and told me it would go up to 4.99%.
This is daylight robbery.
My tenant can' afford a rent rise but when the mortgage has more than doubled, what can I do ?
your tenant can you say, or meant to be can't0 -
I also wrote to the Bank of Ireland UK again to ensure that I stressed that I do not authorise them to take the extra payments they want to take from May.
I also wrote to my MP who has already responded and said that he's already contacted the FSA and will let me know when he gets a reply. I hope as many as possible of the 13500 people affected will follow the procedure of complaining first to the bank and then lobbying their MP while they wait for the BOI to respond to the complaints. I also downloaded the Financial Ombudsman complaint form and started fill it in ready for when the BOI will respond. I have no hope of them backing up from their original decision to increase the differential.
I think it's very important that we all keep the pressure on, both in the media and through our individual complaints.
Personally, I am stuck with the BOI as - being self-employed - I have less than three years of filed accounts to demonstrate my income and won't be able to find a decent mortgage. Had I known the BOI was going to use this dirty trick I would have moved mortgage way before starting my own business. Unfortunately I don't have a magic ball to see the future, silly me for trusting that a life time tracker really meant for life!!!
Hi,
Will you let us know how you got on? I have yet to write my letter and if possible can you send a draft of what you sent without your personal details of course both to BOI and MP. Is it possible to ask them to not take payments until this issue is resolved? I don't know where I will find the shortfall for the mortgage payments and will have to consider selling when the contract comes to an end which is not fair.Does anyone know if the other guy Andrew Tyrie had a reply yet as per earlier emails? I thought they were suppose to respond on Monday but cannot find anything. Any advice much appreciated before I send off my letter .
Thanks
Richard0 -
a class action is being organised via property 118.0
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I also wrote to the Bank of Ireland UK again to ensure that I stressed that I do not authorise them to take the extra payments they want to take from May.
You have entered a legally binding contract. So if you don't wish to pay then you are the one that needs to take action. Not the BOI.
However not advisable as you will automatically fall into default.
Better to pay in full while continuing to fight your corner.0 -
Class action being put together:
http://www.property118.com/index.php/class-action-litigation-boi-bristol-and-west-mortgages/37248/0 -
Class action being put together:
http://www.property118.com/index.php/class-action-litigation-boi-bristol-and-west-mortgages/37248/
Hi,
What does this mean?0 -
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I am new to posting - I posted the message below but cannot find where it is in the system so here it is (an edited version) again:
This concerns the Bank of Ireland's recent announcement that it planned to change the differential on tracker mortgages. They sold mortgages at 1% above the Bank of England's base rate. In my case this 1% differential came into play at the end of a number of years on a fixed rate. Bank of Ireland's explanation of the 'Special terms and conditions' which allow them to raise mortgage rates by 300% amounts to 'we want more money'.
In a section of their letter entitled "Why are we doing this?" they say 'banks are required to hold more capital reserves, as part of measures to protect the banking system from the type of scenarios seen during the banking crisis. In addition, the cost of funding mortgages has increased significantly for Bank of Ireland..."
I very much doubt that these reasons are covered by the 'special terms and conditions' which are referred to, but which did not appear in my contract.
THERE IS REFERENCE TO THE POWER TO CHANGE THE DIFFERENTIAL IN MY MORTGAGE CONTRACT - THEY REFER TO "CONDITION 6(m) OF OUR RESIDENTIAL MORTGAGE CONDITIONS.
MY MORTGAGE WAS WITH BRISTOL AND WEST AND LATER TAKEN OVER BY BANK OF IRELAND. I HAVEN'T HAD TIME TO FIND 6(m) BUT AM WRITING TO BANK OF IRELAND AND DO NOT EXPECT A CONVINCING REPLY.
I imagine most people reading this are in my position - sold the deal and assured at the time that the 1% differential was for the term of the mortgage and would not change. This is mis-selling at best. I plan to write to Bank of Ireland and when I receive their evasive reply, contact the Ombudsman (as recommended by MSE).
The more victims that contact the Ombudsman, and any contacts in the press as possible, the more likely it is that Bank of Ireland will be prevented from going ahead with this move. From what I read the number of mortgages involved is not enough to make or break the bank, but the size of the change is enough to cost customers tens of thousands of pounds.
Please post any developments or responses from the bank or the Ombudsman.0
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