Bank of Ireland increase differential on tracker rates

Hi Anthony, please see Neil's post which is very valid to your question. If the scenario that Neil outlined were come to pass the answer is that you could be left high and dry.

There's an old saying "you pays yer money, you takes yer chances!"

I just hope that any out of Court settlement BoI might offer doesn't include me having to remove this discussion, otherwise I would be caught between the devil and the deep blue sea!

Neil - I would think , well done Justin , I wonder what the settlement was? I would also link my thoughts to any independent success that I had achieved , if any. I am sure that would be the thought process of almost anyone.

I assume your point was rhetorical though rather than an actual question.

Anyway for its worth I am in support of a class plan but would like to see what outcome I achieve from the BOI and the FOS first.

I am sure anyone would agree that this is an entirely logical approach to adopt in the first instance.

I am a BOI (former Bristol and West) customer who is unaffected by the recent "problems". Also I have followed this forum and the comments made with interest. All I can say is that in the last few days/weeks it has become clear to me that everyone wants something for nothing. Everyone wants legal action to be taken against BofI but some seem willing to pay for it -, whereas others do not, despite the fact that the "do nots" are just as affected as everyone else. What they may really be trying to say is.......everyone else pay and then when I am sure that BofI do not have a case then and only then will I contribute to the joint action. Surely, things don't work like that, if you wish to "make your own arrangements" then so be it......but don't, after if all goes "tits up" then come back and decide that you would like to become part of the class action after all........I DESPAIR!!!!!!!!!

In answer to Mark......why didn't you keep your money in your pocket, after all you weren't even affected by all this......talk about solidarity!!!!!!!!!!!!!

@JMC thank you for your comments. In less than a month payments will increase. By then this forum may have gone quiet and those who are paying the increased payments may well be wondering what happened and may be those who have chipped in will not be able to say why or answer their questions. I chose to underwrite the cost of the barristers opinion as it felt like the right think to do. I did it because I have always known that uniting my fellow landlords is akin to asking a sheepdog to herd cats. It's said that there are over one million landlords and yet less than 5% of them have paid to join a landlord association but nearly 200,000 have subscribed to receive of free newsletters. Now what does that tell us?

My partner just received an offer from BM Solutions for a mortgage we applied for 2 weeks ago.
In it, it says they can increase the differential (after the initial fixed term has ended) at their discretion, due to prevailing market conditions and due to a host of other factors.
They also make clear they do not allow lets to housing benefit tenants, which is interesting considering the fact they made much of the fact that they were now allowing it, just 2 months ago.

David Lawrenson
http://www.LettingFocus.com/blogs

I had the mail re the £100 contribution and have been trying to locate all my paperwork first, however I would like to join in. We have moved twice, I think the files are mixed up, and the solicitor I used has gone out of business some years ago !

I just came across a photocopy of a B&W advert from the web listing their mortgage offers, I took a fixed deal to 2006 and then reverts to Bakk base Rate + 1.75 % for the 'term'. I have as yet found nothing referencing a 'differential' and yet this is what they are relying on.
I also found an original offer (saying the same) from Sept 2001 however the mortgage number is slightly different.I also found notes in my writing that say it is portable and the mortgage completion in 2004 of the offending account no. I'll keep digging,I think I ported in 2004, I wonder if the account no changed then ?

@David Lawrenson - I wonder if all lenders will start to sneak these clauses into their contracts now? I also wonder how many of them already have them and are just waiting to see what the fallout is from BoI's controversial decision?

@JMC - early posters on this thread agreed to join the class action even though they were not affected. The motivation was nipping the problem in the bud before other lenders decided to follow the BoI lead. If will be interested to see how many of those people also stump up their money, as I did, even though they are not directly affected by BoI. If ever there was a time for landlords to unite and build a fighting fund, surely this is that time?

@anthonywalker. I agree with your points. I think outcome from the FOS and further communication from FSA is being awaited by counsel before advising if there is a valid case.