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Thread: Bank of Ireland raises rates on UK tracker mortgage customers

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    Politics.ie Member seabhcan's Avatar
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    Default Bank of Ireland raises rates on UK tracker mortgage customers

    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.

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    Politics.ie Member Northsideman's Avatar
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    Sounds like more work for the legal dudes
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.
    George Orwell

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    Politics.ie Member seabhcan's Avatar
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    The BBC program say they got legal eagles to look over the policies and they say BoI do have the right to do this.

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    Politics.ie Member Furze's Avatar
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    So that's game over for Trackers ?

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by Furze View Post
    So that's game over for Trackers ?
    In the UK anyway.

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    Politics.ie Member Happytolearn's Avatar
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    Quote Originally Posted by seabhcan View Post
    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.
    I'm a better man now than I was that day

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    Politics.ie Member White Horse's Avatar
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    Good news.

    Why should variable mortgage holders subsidise those on tracker mortgages?

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    Politics.ie Member paulp's Avatar
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    Quote Originally Posted by White Horse View Post
    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?
    There is no Keyser Soze

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    Politics.ie Member Volatire's Avatar
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    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.

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    Quote Originally Posted by paulp View Post
    Why should people who entered an agreement with the banks on a tracker mortgage have those agreements unilaterally torn up by the banks?
    'Cos they are insolvent (vis The Irish State)

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