Bank of Ireland backtracks for 1,200 borrowers

fair treatment

fair treatment

On March 8th we reported in this blog about the increase in tracker rates due this year for Bank of Ireland mortgage borrowers. We are pleased to note today that the Bank of Ireland have identified around 1,200 borrowers to whom they will not apply the increase. These borrowers will also receive a refund for any increase charged since the 1st of this month.

Why the change by the Bank of Ireland?

We understand that the Bank, with the support of the Financial Conduct Authority, have identified two sets of customers who will benefit from this change.

Bank of Ireland flexible mortgage customers

Bank of Ireland flexible mortgage customers using the flexible features on their product received an administration letter relating to their transactions and this letter may have given the impression that the mortgage rate would last for the term of their mortgage. Anyone who has received such correspondence will be included in a group of 1,000 who will not see a rate rise.

Bank of Ireland – base rate tracker switches

The second group to benefit are those borrowers who switched their mortgage to a base rate tracker arrangement. We understand that the mortgage conditions documented as part of this process did not outline in full, the circumstances where a mortgage rate change could occur.
Therefore, this group, who are believed to number around 200 will also not see a rate rise.

Early repayment charges waived

If you are still caught in the Bank of Ireland rate increase net you may wish to consider refinancing elsewhere and we understand early repayment charges on your current mortgage will be waived by the Bank of Ireland should you wish to do move to a new lender.

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