Customers of The Post Office are controversially being offered a 2.99% five year fixed rate by Bank of Ireland just weeks after the bank wrote to 14,000 of it’s mortgage holders telling them that their tracker rates would see massive hikes due to “exceptional economic conditions”.
It is hardly surprising then that this has renewed anger against the Bank of Ireland’s.
Paul Richard’s, a landlord affected by the Bank of Ireland’s decision to increase tracker rate margins from 1.75% to 4.49% for borrowers who took Bank of Ireland tracker rate mortgages prior to 31st October 2004 said:-
“How can the BOI claim on one hand they need to raise more cash and that cost of borrowing has increased as reasons to increase the EXISTING customers mortgages yet offer new loans at 2.74% ? I think this blows their reasons for increasing our buy to let loans out the window.”
There is no doubt that many will agree.
Perhaps you feel, as I do, that Bank of Ireland might be in a position to appease a very angry mob by allowing those affected by their tracker rate increases to switch to the 2.99% five year fixed rate without paying fees? If the bank have no problem with these customers moving on perhaps they could also waive early repayment charges?
Please feel free to leave your comments below this article. If you are affected by the Bank of Ireland’s decision to increasetracker rate margins, and have not already done so, please consider registering your interest in class action litigation against the bank by completing the form on this thread,