Case study Where do ACC Bank SVR mortgage holders stand with public meeting on the 7th May?

[Kerrigan]

I am not in a position to attend the public meeting on the 7th May but I have spread the word to family and friends. I have a mortgage with ACC Bank as do most of my acquaintances; all 4.4%. Some have moved their mortgages to other banks and others including myself have not being so successful.

My son and daughter both have mortgages with ACC. Son on a 4.4% on a 48k mortgage over 22 years / daughter 4.4% on 60k over 25 years.

Of course I support everyone caught up in this debacle but do I and others who are not in a position to move our mortgages from ACC have any voice at the meeting on the 7th or are we a lost cause?

 

[Brendan Burgess]

Hi Kerrigan

Thanks for encouraging people to attend. It's vital we get a big turnout.

The meeting is for variable rate borrowers from all banks - active and ex-lenders.

One of the issues to be raised is the possibility of putting a cap on interest rates.

If ACC Bank, or Bank of Ireland increased the rate to 8% tomorrow, there really is nothing anyone can do about it.

Brendan