• Due to a glitch in the old vBulletin software, some users were "banned" when they tried to change their passwords at the end of February. This does not apply after the site was converted to Xenforo. If you were affected by this, please us viua the Contact us link in the footer.

Bank of Ireland raises rates on UK tracker mortgage customers


seabhcan

Well-known member
Joined
Sep 3, 2007
Messages
14,327
In the UK, Bank of Ireland have written to their 13,000 lifetime tracker mortgage customers telling them they are raising their rates from +1% above the Bank of England base rate to 4.5% above the base rate.

They say they have found a fine print clause which allows them to break contract due to changes in the Financial Regulator's rules on held capital rates.

I wonder if they will try the same trick this side of the water.

This was covered on the BBC Radio 4 Money Box program a few minutes ago. It will be on the BBC iPlayer shortly.
 


Northsideman

Well-known member
Joined
Mar 7, 2010
Messages
9,496
Sounds like more work for the legal dudes
 

Furze

Well-known member
Joined
Jun 14, 2007
Messages
781
So that's game over for Trackers ?
 

Happytolearn

Well-known member
Joined
Aug 23, 2011
Messages
3,520
In the UK, Bank of Ireland have written to their 13,000 lifetime tracker mortgage customers telling them they are raising their rates from +1% above the Bank of England base rate to 4.5% above the base rate.

They say they have found a fine print clause which allows them to break contract due to changes in the Financial Regulator's rules on held capital rates.

I wonder if they will try the same trick this side of the water.

This was covered on the BBC Radio 4 Money Box program a few minutes ago. It will be on the BBC iPlayer shortly.
Banks are brilliant.
 

White Horse

Well-known member
Joined
Jun 13, 2006
Messages
7,064
Good news.

Why should variable mortgage holders subsidise those on tracker mortgages?
 

paulp

Well-known member
Joined
May 5, 2007
Messages
7,284
Good news.

Why should variable mortgage holders subsidise those on tracker mortgages?
Why should people who entered an agreement with the banks on a tracker mortgage have those agreements unilaterally torn up by the banks?
 

Volatire

Well-known member
Joined
Feb 25, 2012
Messages
13,414
Tracker mortgage holders are beneficiaries of a huge subsidy in effect from the taxpayer.

It is certainly in the taxpayers interest that these contracts be unwound.

If they cannot, the government should introduce a levy (say 1%) on tracker mortages.
 

White Horse

Well-known member
Joined
Jun 13, 2006
Messages
7,064
Why should people who entered an agreement with the banks on a tracker mortgage have those agreements unilaterally torn up by the banks?
They can pursue their legal rights in court.

However, snyone who is profiteering at the expense of their neighbour will get no sympathy from me.
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
Why should people who entered an agreement with the banks on a tracker mortgage have those agreements unilaterally torn up by the banks?
Because some people are seething with jealousy due to them being on a SVR and their 'neighbor' being on a tracker. I'm sure it pisses off my SVR neighbors. Do I care? Do I f**k.
 

Vega1447

Well-known member
Joined
Oct 18, 2007
Messages
5,759
Much more urgent; the Govt must introduce a levy on mortgage-free property owners. Why should these leeches benefit from their random good fortune in taking out their mortgage in the 70's/80's?
 

paulp

Well-known member
Joined
May 5, 2007
Messages
7,284
'Cos they are insolvent (vis The Irish State)
that rationale could be used to justify the banks keeping money that people have on deposit with them.
"I know it's your money, but I'm not giving it back because I'm insolvent."
 

rockofcashel

Well-known member
Joined
Jan 23, 2005
Messages
7,957
Website
www.sinnfein.ie
Good news.

Why should variable mortgage holders subsidise those on tracker mortgages?
Why should tracker mortgage holders lose out because variable rate holders didn't bother moving to a tracker ?

This is typical Irish bullcrap.... the banks want to punish one section of their customers... because they were smart... and another section of their customers applaud them.. instead of rounding on the banks
 

cabledude

Well-known member
Joined
Jan 23, 2011
Messages
6,362
Tracker mortgage holders are beneficiaries of a huge subsidy in effect from the taxpayer.

It is certainly in the taxpayers interest that these contracts be unwound.

If they cannot, the government should introduce a levy (say 1%) on tracker mortages.
Tracker customers entered a contraoc with a bank, a private institution, to borrow money over a certain period of time that attracted a certain interest rate. This has f**k all to do with the taxpayer. It's not the tracker customers fault that FF?Green government put the taxpayer into the equation. I would love if my bank went down the line that the BOI have done in the UK. Think of the fun we'd have sueing them off the face of the earth.
 

paulp

Well-known member
Joined
May 5, 2007
Messages
7,284
Much more urgent; the Govt must introduce a levy on mortgage-free property owners. Why should these leeches benefit from their random good fortune in taking out their mortgage in the 70's/80's?
exactly,

shouldn't we just take all the mortgages in the country, add them up and divide them evenly across all the houses in the country.
I'll give up my tracker for that.
 

Popular Threads

Most Replies

Top