Bank of Ireland increase differential on tracker rates

Bank of Ireland increase differential on tracker rates

10:32 AM, 28th February 2013, About 12 years ago 1862

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The story of the Bank of Ireland decision to increase to the differential (interest rate margin) on  tracker mortgages started on this forum when a professional landlord contacted Property118 within minutes of a letter from Bank of Ireland landing on his door mat. What ensued was outrage from landlords and affected residential mortgage borrowers. The story was quickly picked up by the National Media as it wasn’t just the 13,500 affected borrowers who were worried.

Will this set a precedent for other mortgage lenders to follow?

Property118 reacted by using funds donated to The GOOD Landlords Campaign to underwrite the cost of a barristers opinion on the legality of the Bank of Ireland’s actions. The remainder of this thread,one of the most read and most commented threads of all time on Property118, continues to tell the story as it unfolds.

If you want to skip the story and cut to the chase simply CLICK HERE

Of the 13,500 affected borrowers, 1,200 have had the decision reversed by Bank of Ireland. With additional support and pressure we believe all affected borrowers can and will see justice done.

___________________________________________

Lee, a professional Landlord asks, “help! I have just received a letter from the Bank of Ireland stating they want to increase the differential on my tracker rates.

I have 12 mortgages with the Bank of Ireland previously Bristol and West. I have been on a base rate tracker of 1.75% above base, but now Bank of Ireland are using some fine print claiming they have to recapitalise and saying the ‘new differential will be 4.49%.

How can I fight back?”

The original policy wording seems to be:

6 INTEREST

Charging interest at a tracker rate

(j) Unless we change the differential (if any) under condition 6 (n), we will not change the tracker rate unless the base rate changes.

(m) in condition 6 (n):
– a “positive differential” means a percentage which we add to the base rate to arrive at the tracker rate; and a “negative differential” means a percentage which we subtract from the base rate to arrive at the tracker rate.

(n) We may reduce a positive differential or increase a negative differential at our discretion by giving you not less than seven days written notice. This means that we can change the differential in a way that is favourable to you.

The above seems to indicate that they can reduce the rate in my favour, but not give them the right to increase it. Am I correct?


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ian

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21:01 PM, 16th April 2013, About 12 years ago

Darrell G- To create a private forum we need an email account that all registered parties send there comments to, then that email account then automatically multi sends the comment out to all emails on its list, would,nt of thought it will cost much or anything at all. Only problem have,nt got a clue how to set one up LOL, But im sure there,s a PROFESIONAL computer buff out there that doe,s.

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21:10 PM, 16th April 2013, About 12 years ago

I've just set up a test forum here - that's private.

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

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21:10 PM, 16th April 2013, About 12 years ago

I've just set up a test forum here - that's private.

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

Can someone register and we can give it a test.

Mark Alexander - Founder of Property118

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21:25 PM, 16th April 2013, About 12 years ago

Hi Gary

That's a public forum and there nothing to stop anybody joining. We might as well continue discussions here. What we need is a secure forum and for Justin to provide me with the emails addresses of everybody who has paid up so that I can invite the right people only to join the forum.

Darrell G

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21:29 PM, 16th April 2013, About 12 years ago

I have someone looking into this, as I post. An IT manager/friend for a company of 200-300 employees that sells worldwide online, so i think he'll know. In the first instance I want to get approval/direction off Justin, his team & The Class action first. Qualify all interested paid up parties.

For the record, for everyone following this thread, i have no affiliation with property118, Mark or Justin at Law Dept & was as anyone sceptical but need to crack on with something rather than being buried by a bank. Tough job but someones go to do it! We have to start somewhere.

Fyi - Im in email with Seneca Partners now too.

If you want to email me re any developments I'm at darrell@shiftmail.com

I'm happy to do all i can to fight the cause without too much stress! How was Eastenders, I tend not to watch that kind of stuff. Lol

Lets crack on!

Darrell G

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21:34 PM, 16th April 2013, About 12 years ago

Gary - You cant post an address. Its not private anymore. I'll come back to everyone tomorrow after i hear something on how we can do this securely. After all we wouldn't want the Bank of Ireland Joining!

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21:51 PM, 16th April 2013, About 12 years ago

@Mark Alexander

I've set up two forums, you can only see the public one. Not the private one. Membership is controlled by email address.

Mark Alexander - Founder of Property118

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22:21 PM, 16th April 2013, About 12 years ago

Hi Gary, I don't understand, please explain

Tricia Collick

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11:19 AM, 17th April 2013, About 12 years ago

Darrel
sent you an email, I may know someone who can help with the 'private' blog if your frind doesn't...anyway, a good idea !
you may need to check your spam in case it doesn't recognise me !

ian

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11:24 AM, 17th April 2013, About 12 years ago

What is the actuall reason for setting up a them & us forum,? what info would we be given that can help those who have,nt joined the class action,we dont need to no the legalities. surely its best to keep this forum live we need more action not seperation.

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