# "BoI made me give up tracker to restructure a buy to let"



## Brendan Burgess (4 Jan 2018)

A friend of mine asked me if he is covered by the Central Bank tracker review. 

He was one of the many people who when they were due to move from interest only to capital and interest were given an extension of the IO if they gave up their tracker. 

Anyone else in the same boat hear from BoI? 

Brendan


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## Sniper (12 Feb 2018)

Hi Brendan, I have a mortgage which BOI removed the tracker as part of restructuring. When I questioned it they said they can remove trackers on inestment properties only. I presume this is true?


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## Brendan Burgess (13 Feb 2018)

Yes its true. The CCMA does not apply to buy to lets.

I was just wondering if they were reviewing them.

Brendan


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## Sniper (13 Feb 2018)

A friend of mine got redress, compensation and his tracker back. Within three months BOI reverted to capital and interest which he couldn't afford so now off tracker and put on buy to let plus 1%


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## Emmet Doyle (26 Apr 2018)

Hi Sniper?
Could you clarify, when did all this happen?
When did he lose his tracker and when did he get it back.. 
Brendan I lost a tracker , when in 2009 I wanted an extension of IO. Well actually what I got was a new 'BTL Tracker' rate which didn't exist, it was set at a 2% higher margin. I am watching with interest KBC have agreed to redress this cohort. I have just today contacted BOI.


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## Sniper (27 Apr 2018)

Hi Emmet, the overcharging started in 2009 and BOi sent letter in Feb 2017 and reverted to tracker interest only. Then in June 2017 they removed interest only and wanted capital and interest which he couldn't afford.  BoI removed tracker now on BTL variable plus 1%. I believe they can remove trackers on investment loans.


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## Brendan Burgess (27 Apr 2018)

Hi Sniper 

This is very important, so could  you be a bit clearer on what happened. Set it out in simple steps and a timeline. 

In what way were you overcharged? 
Was it that they charged you ECB +3%, when they should have been charging you ECB +1%? 

You did not lose your tracker I presume? 

Brendan


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## Sniper (28 Apr 2018)

Brendan,

Original loan offer was 1% above ecb. 
Fixed until 2009 and to revert to tracker plus 1%. 
No tracker available in 2009 so went on variable. 
Paying 5.5% variable. 

Notified in Feb 2017 that should have been on tracker so then put back on tracker interest only until June 2017.
Then BOi wanted capital and interest which couldn't afford so removed tracker and installed btl variable plus 1%.

Compensation was paid for loss of tracker between 2009-2017 but now off tracker again as couldn't afford capital and interest.


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## Brendan Burgess (28 Apr 2018)

Sniper

That is great thanks. 

So it seems that BoI is still doing this to new customers who can't afford interest and capital so they obviously have clearance from the Central Bank to do so.



Sniper said:


> Compensation was paid for loss of tracker between 2009-2017 but now off tracker again as couldn't afford capital and interest.



Silly question - what did you do with the compensation? Could you not have used that to fund the interest and capital for a few years so you could keep the tracker? 

Brendan


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## Sniper (28 Apr 2018)

Didn't get tracker compensation until Dec and they forced off tracker in June.BOi looking after themselves again and don't care about the customer.


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## Brendan Burgess (28 Apr 2018)

That does not sound right. 

How much compensation did you get? 

What were the repayments in June and how much could you afford? 

It seems to me that if they had paid you the compensation in time, you could have met your repayments. 

Brendan


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## Sniper (29 Apr 2018)

To be honest we are getting legal advice as BOI have messed us around...They gave us the tracker back then forced us off again not right...I will double check my figures tomorrow and revert.
They also tried to appoint receiver in 2013 while overcharging us.
Igot this lifted on technicality but have all my proof.


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