Bank of Ireland increase differential on tracker rates

@Darrell G - absolutely, yes please send me the T&C's brochure when you receive it. If what you have been told proves to be correct this is indeed very important information.

Mark - like most things it depends on individual circumstances, i get the point but its not the best for me. The LTV when I took mortgage out was 85% 7 years ago - although the property market where I am hasn't suffered as badly as other parts of the country, I'll be on the cusp of 75% LTV. Ability to move lender and simply get another mortgage is a key requirement for me (as i'm in it for the long term as profit is paid to family member as a pension). would aim to bring LTV nearer 70% (ideally 60%) to get the best mortgage deals

@Darrell G
The picture I am getting here is that some pre 2004 deals are affected and none of the post 2004 deals have been affected.

The advisor told you that it had nothing to do with dates but so far no one post 2--4 has got this letter.

I hope we can fight this because if they win it will just be a matter of time before everyone else start catching up. I see no logic in these actions as we are already living in an economic turmoil why add fuel to the fire?

@Pete - that's all fine so long as you don't leave yourself short of cash in the bank in the event of an emergency.

Shocking behaviour. How can anyone trust banks and their mortgage anymore. No letter yet re my BOI mortgage taken out 2001. I took out a new 5 year deal in 2009 still via bristol west so hope this is not affected from what people r saying. Still put off mortgages for life. How can you plan any investment when contract terms r changed like this. Sharp practice and now I just fear it is only a matter of time before they try and tear up other contracts after 2004.

I thought I was the only one that was scared to pick up th phone and call the lender to see where I stand with my loan, seems like other people feel the same way.

David - Agreed, lol.

Everyone needs to get onto BoI to confirm your own position. its quite clear that if you've not had a letter by now you should be 'in the clear' but better to be safe than sorry with lost post etc. These codes quote are references to T&C's but funny how the ref numbers aren't quoted or mentioned in my mortgage contract terms & conditions, so how do i know whats correct or not anyway?

I suggest anyone not affected still helps fight the cause because next time.....

IT COULD BE YOU!

Good luck.

It appears that MX wanted to do this but believe they can't according to an "Anonymous Helper". I think that could be both good news for some and bad news for those affected by BOI but let's see what Justin thinks.

See the comment linked below but please give it a few seconds after clicking the link to jump to the relevant comment >>>

http://www.property118.com/index.php/mortgage-express-right-to-consolidate/36168/#comment-20361

Response letter from OFT:

Re: Bank of Ireland
Thank you for your email of 5 March 2013, to the Office of Fair Trading (OFT) concerning
the above company. From your correspondence, I understand that you would like to
complaint about the Bank of Ireland which has apparently replaced your tracker mortgage
with a variable rate mortgage.
The bank apparently says that under the terms and conditions of the mortgage, it is
allowed to terminate the original tracker and replace it with a variable because of adverse
market conditions. You state that this was not made clear to you when you originally set
up the mortgage and you consider this misleading and unfair. You believe that this is a
breach of the advertising rules and a breach of contract. You also feel that the Bank of
Ireland did not give you enough notice to get your finances back on track. You have made
a complaint to the bank and have now referred the matter to us.
By way of background the primary duties of the OFT include the enforcement of
competition law, and the application of consumer protection legislation in respect of
matters that adversely affect the collective interest of consumers. However, the OFT has
no power to intervene in individual disputes or seek redress on behalf of consumers, and
therefore we are unable to assist you directly in this matter.
Given the nature of your complaint, we suggest you contact the Financial Services
Authority (FSA). The FSA is an independent and non-governmental body given statutory
powers to regulate most financial services markets, exchanges and firms in the UK,
including banks and building societies, mortgage and insurance brokers and advisers. It can
be contacted at the address below:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 0845 606 1234
Website: http://www.fsa.gov.uk
We are grateful to you for bringing your concerns to our attention and I hope the
information we have provided is helpful. The OFT is keen to ensure that markets work well
for consumers and the complaints we receive are used as intelligence to inform us about
markets, and the activities of companies within them. In this context, the details of your
complaint have been logged on our database and we will incorporate your concerns when
considering areas for future investigation or study.
Yours sincerely,
Alan Sullivan
Enquiries and Reporting Centre
Office of Fair Trading

I don't know if this will be of much use, but I've posted a few pages which are the Bristol & West web site from 2004.

Interesting points- quote
"We’ve tried to keep everything clear and straightforward, but some jargon goes with the territory. So, if you find a word you don’t understand, check out our jargon buster: you should find a clear explanation there"

Jargon Buster - doesn't include the term "differential"
http://www.great-bentley.co.uk/bank-of-ireland-mortgage/bristol-west-jargon-buster/

Buy to let Mortgage Rate
http://www.great-bentley.co.uk/bank-of-ireland-mortgage/buy-to-let-mortgages/

Another quote "We already have nearly 200,000 mortgage customers: people who have trusted us to guide them through the mortgage maze..."

Any thoughts?