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    Bank of Ireland tracker mortgage % increase
    • #1
    • 27th Feb 13, 4:57 PM
    Bank of Ireland tracker mortgage % increase 27th Feb 13 at 4:57 PM
    Has anyone received a letter from the Bank of Ireland recently informing them of a MASSIVE interest rate rise on their buy-to-let 'tracker' mortgage? My letter this morning notified me that my interest rate would rise from 2.25% to 4.99% as of May 1st. I have had the mortgage for 8 years and never defaulted so this isn't a penalty, it is as they describe it a 'special condition' in my loan agreement which allows them to do it. Ironically they cite the banking crisis as a special condition (something that they caused themselves!). This is a 'tracker' mortgage which follows the Bank of England base rate which hasn't changed, so I'm going to fight it - not that I stand a chance - just wondered if anyone else had fallen victim to this?
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