Bank of Ireland increase differential on tracker rates

@Mark Alexander - do I share via this site, or just manually post a link on my wall?

thanks

You should be able to obtain a copy with a freedom of information request

@Gary Smith, you can either copy/paste the link URL to Facebook or use the "Caring is Sharing" buttons just below the article

Most comments are great but Gavin's are very upsetting and out of context.
BOI mis selling tracker. We have rights as consumers. Tracker has been sold a tracker for the full term. Hiden clauses are not acceptable. We need a few thousand people to approach FOS to unable them to report it to FSA. We must win this case to avoid other banks follow suit and further increases. I have rang BOI 3 times ask to speak to Director responsilbe for rates, Mike Joyce, but I was told he will not speak to us. Too busy stealing from customer or trying to.

Just a quick question to those that were offered cash back from the BOI.How did they come to the figure you were offered. Was it a fixed sum or a percentage of your outstanding borrowings? TIA

RE Maria "Hiden clauses are not acceptable."

The clause was not hidden and on Radio 4s Money Box they said it was legal.

Now BOI is in a bad way and being bailed out by the Irish tax payer. They expanded to fast into both the British and Irish property bubbles. When the bubble burst they were simply too exposed.

What do you expect BOI to do when UK borrowers are borrowing money cheaper than BOI borrow it making them a lose paid for by the Irish tax payer? This is an extreme situation clause, the situation is extreme and will be even worse as UK housing bubble collapses.

If you are worried about other banks read the small print or change to fixed rate. If you can't make it work and have equity you could sell before property prices drop further.

Mark mentioned this thread to me late last week but could only respond today.

There is not much I can add to what is, as far as I can see, the most responded to article I have ever seen on P118.

Having seen a family member who has been struggling for the past 4 years (through no direct fault of their own may I add Gavin) and doing really well to do so I was saddened to see the interest rate on her interest only SVR loan with Sanrander increase by about 0.6% I think it was last December. Added another £60 a month to an already strained domestic budget, so although I cannot share BTL pain with you, I do know what this can be like.

Rate increases when there has been no change in BoE base rate is a totally new concept for everyone. I worked for Nationwide for 23 years when it was the beacon of customer srvice in the industry, and I could weep these days for what I see as "caring" by major companies. Frankly they don't care a jot, though in many cases and far more than most people realise, they are fighting themselves for their very existence.

Peter Drucker the well know management guru once said very tellingly "The last act of a dying organistion is to bring ou a fresh set of rules" and it is a very true statement. These may not be new rules but it is certainly a fresh approach on existing ones, and sadly these days does not surprise me at all. The one sensible comment Gavin has made so far is that BoI is in trumoil approaching financial meltdown because of the state of the Irish property market, never mind where else they have loaned on BTL.

I seem to recall debating a similar development with Mark several months ago where the bottom line was an abilkity to sue the organisation (I think it was to do with TDP and Scheme Rules Mark?) and said then that you can think you can do what you like but most organistations will have very good indemnity clauses in their rules/contracts.

This is the only way you can fight this case, as someone has repeated, a contract is a contract so is what BoI are doing actually legally enforceable under the contract they have with you. I fear it is and from NBS experience can tell you lenders cover themselves every which way on every form of loan, mortgages included.

I see someone has drawn all their money out of the Post Office. Very wise move - did you know that in all building society (and I'll bet bank) investment application forms and membership rules there is a contractual clause that states at any time and at their own discretion the BS/Bank can transfer money to any other account held with them, including to reduce overdafts?

Never, ever hold savings with a lender.

I wish you all luck with this and will be interested to see eventual legal opinion on enforceability, because thw Ombudsman followed by the Court is the only way to defeat this. They certainly won't just listen and change their mind.

Apologies for length of this post I normally only comment on legally related lettings issues!!

Hi - I've just found this article. I have a BTL mortgage which was taken out in Apr 2004 but as yet have not received a letter. I read comments on here that it only applies to mortgages pre 2004 but can find no confirmation of this.

Do we know the exact cut off for the changes? ie is it 1st Jan 2004?

Regardless of whether I'm affected or not, I am still outraged by this! And am happy to help those affected by complaining, raising this on many sites etc

Ian - I have no idea how the Bank of Ireland came to the figures for a financial incentive to move my mortgages away from them. All i can say is it started at £6500 per property & then offered £8500. All my mortgage balances are very different. My main point is that when these offers we're put on the table, no indication was given of the current action BoI are taking. If i was given the full facts with clear transparent information last year, if it was deemed to be legal what they are currently doing. I would have either took the offers & sold up or moved mortgage lender. i am including this deception in my letter of complaint to BoI today.

The Guardian Money article about this on Saturday mentions that there is a good chance that affected landlords and mortgage holders will come together in a class action. http://www.guardian.co.uk/money/2013/mar/02/bank-of-ireland-mortgage-rates-double-triple?INTCMP=SRCH

Ray Boulger suggests that if you take it to the Ombudsman, they can't charge the rate hike whilst it's being investigated. Good luck!